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Sensex crashes 500 points on Friday—biggest losers and gainers
The Indian stock market had a rough Friday—Sensex dropped 500 points to 81,757 and Nifty slipped 143 points to just under 25,000.
Financials, auto, FMCG, and pharma stocks all took a hit.
Axis Bank's poor earnings drag down other big banks too
If you're tracking the markets or thinking about investing, this slide is worth noting.
The main trigger was Axis Bank's disappointing earnings—its stock tumbled over 5%, dragging other big banks down too.
Why are investors cautious?
A mix of foreign investors pulling out ₹2,660 crore in July (after months of buying), global uncertainty around US Fed policy and oil prices spiking past $70 due to Middle East tensions.
Plus, Citi downgraded Indian equities to 'neutral' over high valuations. All these factors are making investors cautious right now.