The War Clouds Again

The Bombay Stock Exchange (BSE) sensex closed 29.82 points lower at 3,238.02 on Wednesday as institutional investors dumped technology and select heavyweight blue-chip shares on concerns that a US-Iraq war was imminent.

However, buying interest in pharma and other blue-chips pared the losses. The sentiment was also dampened by reports that Nasdaq futures were trading lower.

Meanwhile, on the National Stock Exchange, the S&P CNX Nifty index shed 9 points to close at 1,037.20.

Key Asian markets closed weaker, while European bourses started lower after US president George Bush heightened fears of a US-Iraq war.