Indian Stocks Record Second Consecutive Weekly Fall on Geopolitical Issues

BSE Sensex and NSE Nifty ended one percent lower on Friday. Nifty marked its second consecutive weekly fall as blue chips such as Larsen and Turbo slipped on global risk aversion, after US President Barack Obama authorised targeted air strikes in Iraq.

Nifty plunged 1.06 percent lower at 7568.55 points and Sensex fell 1.02 percent lower by recording at 25329.14 points.

"People will continue to book profits on reasons like globaluncertainty, and valuations, but there won't be a sell-off," said G Chokkalingam, founder of Equinomics, a research and fund advisory firm to Reuters.

The Nifty closed below its 50-day moving average for the first time since 21 February and foreign investors sold shares worth $11.92 million on Thursday.

At 3.33 pm, Larsen & Toubro provisionally lost 2.7 percent, while HDFC Bank fell 1.9 percent.

Stock price of Nestle India fell 0.77 percent at Rs 5363.35 per share as its April-June margins disappointed investors. Nestle India's gross margins slipped 2.4 percentage points to 52.4 percent from a year earlier due to higher input costs, IDFC said in a report.

The shares of Hindalco Industries ended 3.25 percent lower after its unit Novelis Inc's April-June operating profit lagged estimates.

Gujarat State Petronet stock also fell as the company posted low quarterly revenue results due to lower operational income.

However, MM Forgings Ltd jumped 13.7 percent, adding to its 20 percent gain in the previous session after the company on Wednesday posted its highest ever quarterly revenue and profit in April-June.

Top gainers from BSE

Top losers from BSE were Tera Software, Joindre Capital Services, Arvind International, Puravankara Projects and Albert David Limited.

With inputs from Reuters.