Markets Open Lower; Axis Bank Tanks Post Results

Markets opened the day lower, with shares in Axis Bank falling, after a poor set of results.

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Benchmark indices opened the day lower in trade, as global cues were weak and most Asian markets were trading with losses.

Markets Open Lower; Axis Bank Tanks Post Results
The Sensex was trading with losses of 199 points, dropping below the 28,000 points mark, while the Nifty dropped 61 points in trade. Leading the set of losers was Axis Bank, which dropped as much as 7 per cent. The bank posted a sharp increase in gross non performing assets, while the net profits slumped, following a poor set of results.

Tata group companies continued to fall in trade, as worries over Mistry's exit continued to weigh on these stocks. Among the stocks that lost ground were Tata Motors, which fell as much as 1.7 per cent, while other Tata Group stocks that fell were TCS, Tata Power and Tata Steel.

Banking stocks continued to fall, following the poor results from Axis Bank. Among the stocks that fell were the PSU bank stocks, which saw some pretty decent cuts. Shares in Allahabad Bank, Union Bank, Punjab National Bank and Canara Bank were the worst affected in trade.

Shares in Bharti Airtel gained ground after the company reported numbers that beat estimates.

Idea Cellular on the other hand saw some recovery after the company's results matched expectations.

Meanwhile, Asian markets were trading with losses, as global cues, particularly from the US remained weak.

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Read more about: sensex, nifty, axis bank
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