Markets decline as US authorises air strike on Iraq

BSE Sensex extends losses for the third straight session on Iraq tension.

Mumbai | Published: August 8, 2014 1:34:11 pm

Benchmark indices declined on Friday amid negative global cues as US President Barack Obama authorised air strikes in Iraq.

The BSE benchmark, the Sensex was down more than 300 points or 1.31% down at 25,252.66 points, while the NSE’s Nifty was trading almost 100 points lower at 7551.40 points, at 1.30 pm IST.

The US President Barack Obama on Thursday said that US would provide air support to Iraq which is currently battling militants belonging to the Islamic State of Iraq and Levant (ISIS).

Experts believe markets could remain volatile. “Nifty is consolidating within the 7580 to 7780 band, within the broader pattern. Volatile action could continue until Nifty rests in this band, a closing outside this band would set it free for a larger move,” Motilal Oswal Financial Services said in a note.

Among sectoral indices, the BSE Power (-2.17%), BSE Realty (-2.10%) and BSE Metal (-1.66%) were among the major losers. Among individual stocks, M&M (-2.37%), Tata Motors (-2.3%) and Bhel (-2.17%) were trading in the red.

Most Asian indices were trading in the red. The Nikkei (-2.8%), Hang Seng (-0.18%), Kospi (-1.19%), Straits Times (-0.89%), Jakarta Composite (-0.19%) and Taiwan Taiex (-0.66%) were trading lower.

– fe Bureau | Financial Express

For all the latest Business News, download Indian Express App