Mumbai, July 18 -- Key equity benchmarks closed lower for a second consecutive session on Friday, weighed down by lackluster corporate earnings and subdued global cues. The Nifty 50 index slipped below the psychological 25,000 mark, pressured by declines in banking and consumer durables stocks.

The S&P BSE Sensex dropped 501.51 points or 0.61% to 81,757.73. The Nifty 50 index slipped 143.05 points or 0.57% to 24,968.40. With this, the Sensex and Nifty have shed 1.06% and 0.97% over the past two sessions, respectively.

Among the top drags, Axis Bank plunged 5.24% after a weak quarterly performance. HDFC Bank and Bharat Electronics also fell 1.47% and 2.34%, respectively.

The broader market underperformed the frontline indices. The S&P B...