Markets Fall as Axis Bank Earnings Disappoint, Global Cues Turn Negative

Stock markets fell sharply on Friday due to weak results from Axis Bank, foreign investor selling, and global market pressure. Sensex dropped 550 points to 81,709 Nifty fell 135 points to 24,975 Axis Bank shares sank over 6% after its June quarter profit fell by 3% to ₹6,244 crore. This was mainly due to changes in how it classifies bad loans. The poor results also hurt banking and IT stocks, making traders cautious.