Nifty down by 1 per cent; blue-chip stocks fall

Mumbai: The broader Nifty falls as much as 1.2 per cent to its lowest in almost three weeks, tracking a tumble in Asian shares. The MSCI Asia-Pacific index outside Japan is down 1.1 per cent.

Investors seek safe-haven assets after US President Obama said he had authorized air strikes in Iraq. Blue-chip stocks fall: Tata Motors down by 2.2 per cent, Bharat Heavy Electricals Ltd down by 2.4 per cent, and ICICI Bank loses 2.3 per cent.

Overseas investors sold shares worth $11.92 million on Thursday, provisional exchange data shows. However, defensive stocks gain: Dr Reddy's Laboratories up by 0.7 per cent.