Acting below the maket expectation, the company's Q3 adjusted PAT (profit after tax) increased 15.21pc to Rs 696 crore and net sales were down 6pc at Rs 8,071 crore.
At the closing session, BSE Sensex was down 423 pts at 17,050 and Nifty closed at 5,093, down 128 points.
Among the capital goods companies, BHEL remained consistent at 35.67pc jump in its Q3 net profit of Rs 1072.6 crore and its net sales increased 17.9pc to Rs 7,100.3 crore. Punj Lloyd down 4.7pc ahead of numbers tomorrow, Siemens with 5.89pc lost and ABB down 2.2pc were among the other losers.
In the Benchmark Nifty, all the sectoral indices closed in red. Caital good, down over 5pc was the major loser, along with Power, Realty, Healthcare, Metal, Bank and Oil & Gas indices down 2 to 3.5pc.
ICICI Bank's Q3FY10 numbers were in-line with estimates. Its net profit slipped 13.44pc to Rs 1,101 crore and net interest income increased 3.42pc to Rs 2,058 crore.
In the other banking stocks, Kotak Mahindra Bank dipped 3.77pc despite good Q3 numbers; HDFC Bank, PNB, Axis Bank, Bank of Baroda and SBI (its numbers will be on Monday) slipped 1.7 to 2.5pc.
Reliance Industries, Mukesh Ambani's flagship company, tanked 2.2pc ahead of its third quarter numbers on Friday, Jan 22.
Post market hour, ONGC also reported less than expected third quarter numbers. Its net sales went up 23.60pc to Rs 15,372.57 crore and net profit up 23.38pc to Rs 3,053.58 crore.
Meanwhile in other oil & gas stocks, Cairn India, HPCL and GAIL lost 2.3 to 3.4pc and BPCL was down 0.76pc.
While Bharti Airtel, India's largest telecom player will also announce its results tomorrow, the other telecom stocks like Tata Teleservices, Tata Communications, MTNL, Reliance Communications and Idea Cellular lost 1 to 3.4pc.
Nifty slips below 5150 level
Sensex continued its losses owing consistent selling in capital goods, particularly after third quarter results of L&T and BHEL. The losers in this session were Banking, power, metal and realty stocks along with Reliance Industries, Bharti, Infosys, Tata Motors and Hero Honda.
The benchmark Nifty was below the 5150 level as well.
However, the losses were capped to major extent by continues buying in FMCG and pharma stocks.
At 1:45 pm Nifty was at 5,146, down 75 points ans Sensex was trading at at 17,238, down 235 points.
In Nifty L&T with over 4pc lost was the top loser. The company's Q3 adjusted PAT (profit after tax) rose 15.21pc to Rs 696 crore and net sales dropped 6pc at Rs 8,071 crore versus Rs 8,594 crore.
BHEL showed 35.67pc jump in its Q3 net profit of Rs 1072.6 crore and its net sales increased 17.9% to Rs 7,100.3 crore. while the company's bottomline was in-line with market expectations, revenues was below the estimates.
ICICI Bank was down around 2.7pc ahead of its numbers.
In the Midcap space; Jet Airways, Bombay Dyeing, Thomas Cook, Jai Corp and State Bank of Bikaner moved up 2.8-6.7pc. However, Mahindra Holiday, Anant Raj Industries, Havells India, Andrew Yule and GMDC lost 5 to 7pc.
In the Smallcap space; Raymond, Nirlon, Jindal PolyFilm, Maharashtra Polybutenes and Maharashtra Ele were up 5 to 9.8pc, while Fresenius Kabi, Mount Everest, Transport Corp, Solvay Pharma and Dynamatic Tech slipped 7.4 to 11.8pc.
Nifty down 30pts; RIL slips
Market was under pressure on the back of consistent selling in in banking, capital goods and power stocks along with Reliance Industries, Sterlite, Tata Motors, DLF, Hero Honda and Hindalco, couple with weak Asian market.
At 11:28 am Sensex was trading at at 17,374, down 100 points and Nifty down 30 points at 5,191.
In the largecap space, the gainers were M&M, Reliance Communications, Sun Pharma, Wipro, HUL, BPCL and Cipla up 1 to 1.5pc,
while , Tata Power, ICICI Bank, L&T, Suzlon Energy, Sterlite Industries and HDFC Bank down 1.7 to 2.4pc were the losers.
Among the midcaps, Phoenix Mills, Bombay Dyeing, Jet Airways, Thermax and Jai Corp shot up 4.4-7pc. However, Andrew Yule, Mahindra Holiday, National Fertiliser, STC India and Rashtriya Chemical dipped 4 to 8pc.
Among the smallcaps, Raymond was up 14.13pc, Navneet, Cosmo Films, Prime Securities and Vikas WSP gained 7.5 to 8pc. Solvay Pharma, Mount Everest, Fresenius Kabi, Transport Corp and KPIT Cummins, on the other hand, dropped 6 to 8.5pc.
Q3FY10 consolidated net profit of Biocon increased 186.88pc to Rs 80.9 crore and net sales rose 45.6pc to Rs 635.1 crore better-than-expectations numbers.
Meanwhile, Q3FY10 net profit of Edserv Softsystems increased 90.9pc to Rs 5.6 crore and revenues shot up 933.33 to Rs 15.5 crore. The stock was flat.
Sensex opens on flat note; metal, banking dip
Sensex opened on a flat note, owing to weak global cues after China asked some banks to limit their lending. Banking, realty, metal, select technology and power stocks were under pressure.
At 9:02 am, Nifty was down 12 points at 5,209, and the Sensex was at 17,438, down 37 points5,209, down 12 points.
Among the frontliners, the losers in the early trade were Suzlon Energy, Sterlite Industries, ICICI Bank (ahead of numbers), Tata Motors, Ambuja Cements, IDFC, Hindalco, Hero Honda, Unitech, DLF and Infosys.
Dr Reddys Labs declined 5pc.
However, buying were witnessed in ONGC, BPCL, BHEL, Sun Pharma, Maruti and M&M.
Midcap and smallcap space:
Post results and restructuring of business, Triveni Engg moved up just 0.1p, while Kingfisher Airlines, Mahindra Holidays and KPIT Cummins declined post results.
Raymond was up 3pc and JK Tyre rose 1.4pc post Q3FY10 numbers.
RCF was slipped 4pc and Chambal Fertiliser was down 1pc on profit booking.
As result of the USD 225 million worth 7 year contract bagged by its Singapore branch, Mercator Lines shot up 1.5pc, as its
Asian markets were trading lower. Hang Seng and Jakarta were down 1pc. Shanghai and Kospi slipped 0.3pc each. Straits Times lost 0.7pc and Taiwan was down 0.9pc. Nikkei, however gained 0.37pc.
The US markets witnessed worst loss in more than two months after China asks bank to curb lending.