Markets End The Day Lower; Axis Bank Tanks 7%

Benchmark indices ended the day lower, led by losses in Axis Bank and weak global cues.

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Benchmark indices ended the day lower, led by losses in Axis Bank, which slipped as much as 8 per cent, following a poor set of results.

Markets End The Day Lower; Axis Bank Tanks 7%
The Sensex ended the day with losses of 254 points, while the Nifty drifted lower by 76 points. Poor cues from across Asia, was also one of the reasons for the decline in the markets. US markets also saw weakish closings overnight.

Axis Bank slumped a huge 8 per cent in trade, following a dismal set of results. Another company that reacted to its numbers was Bharti Airtel, which rallied as much as 2 per cent.

The good results of Bharti Airtel had an impact on the share price of Idea Cellular. The stock surged more than Bharti and ended the day higher by 3 per cent.

Shares in Shemaroo International surged 3 per cent, after the company's consolidated net profit rose 29.2 percent at Rs 14.6 crore versus Rs 11.3 crore.

Banking stocks saw some selling pressure with stocks like Canara Bank dropping almost 3 per cent, while Syndicate Bank fell almost 4 per cent in trade.

Meanwhile, markets across the globe were trading lower, with the German DAX, French CAC and the UK's FTSE among the top losers in trade.

GoodReturns.in

Read more about: sensex, nifty
Story first published: Wednesday, October 26, 2016, 14:57 [IST]
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