MUMBAI, Aug 8 (Reuters): Indian shares fell 1 per cent on Friday, to mark their third consecutive session of declines, as blue-chips such as Larsen & Toubro slumped on global risk aversion after US President Barack Obama authorised targeted air strikes in Iraq. Global shares tumbled on Friday on rising worries of another drawn-out conflict in the region.
The broader NSE index also closed below its 50-day moving average for the first time since Feb. 21, sparking worries of a further sell-off. Also, a hawkish stance by the cental bank in its monetary policy review on Tuesday coupled with sustained selling by overseas investors who are largely responsible for the indexes touching record highs in the previous month, also weighed Foreign investors sold shares worth $11.92 million on Thursday, provision exchange data shows, totalling sales of $321 million in July so far. The falls on Friday sent the NSE index down 0.44 per cent, for a second consecutive weekly fall.
"People will continue to book profits on reasons like global uncertainty, and valuations, but there wont be a sell-off," said G. Chokkalingam, founder of Equinomics, a research and fund advisory firm.
The benchmark BSE index lost 1.02 per cent, or 259.87 points, to end at 25,329.14, also falling 0.6 per cent to mark its second straight weekly fall. The broader NSE index fell 1.06 per cent, or 80.70 points, to end at 7,568.55.
Indian shares mark second consecutive weekly fall on geopolitical concerns
FE Team | Published: August 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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