The Indian benchmark indices fell one per cent on Friday ahead of Donald Trump's take over as US President. While the benchmark Sensex closed 274.1 points or one per cent lower at 27,034, the Nifty lost 85.75 points or one per cent to close at 8,349.3. Even the broader markets showed a similar trend as the mid cap and small cap indices lost 1.54% and 1.27% respectively.
Weak global cues also impacted the movement of Sensex as the majority of the European indices closed in the red during last session after US Fed Chair Janet Yellen reiterated that US FOMC doesn't plan to keep the interest rates lower for a long time.
Axis bank was the biggest drag in the 30 member Sensex as its shares slumped close to 7% on the back of weaker than expected earnings. The net profit of the private lender fell 73% in Q3 year-on-year (y-o-y). The fall in the Axis shares also weighed down on the banking index which closed 1.7% lower. Shares of Punjab National Bank (PNB) and Bank of Baroda (BoB) fell more than 3% each while shares of SBI lost 2.8%, stock exchanges data showed.
Weak global cues also impacted the movement of Sensex as the majority of the European indices closed in the red during last session after US Fed Chair Janet Yellen reiterated that US FOMC doesn't plan to keep the interest rates lower for a long time.
Axis bank was the biggest drag in the 30 member Sensex as its shares slumped close to 7% on the back of weaker than expected earnings. The net profit of the private lender fell 73% in Q3 year-on-year (y-o-y). The fall in the Axis shares also weighed down on the banking index which closed 1.7% lower. Shares of Punjab National Bank (PNB) and Bank of Baroda (BoB) fell more than 3% each while shares of SBI lost 2.8%, stock exchanges data showed.
Tata Steel, Adani Ports and L&T were among the other losers in the Sensex as their shares fell in the range of 2.1% to 3.6%.
Market observers also feel that corporate earnings for the quarter ending December could turn a double whammy for the Indian markets as analysts predict both the top line and bottom line of India Inc to shrink due to the impact of demonetisation in the quarter ending December 2016.
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