Nifty drop on rate hike worries, down 28 pts

The Nifty declined by 28 points below the psychological mark of 6000 amid volatility and the renewed concern that RBI may further hike policy rates in its next policy meet.
Global peers driven by uncertainty over the US Federal Reserve's timing for scaling back the monetary stimulus also hampered the domestic sentiment.
The 50-share CNX Nifty declined by 28 points, continuing its losses for seventh session in row to end at 5,989.60 after one month.
The government data released late yesterday state that the consumer price index (CPI) rose to 10.09 per cent in October entering double digits signalling cautiousness among investors as well as renewed macro concerns.

Meanwhile, the industrial production up by two per cent in September.
The market hovered between gains and losses most of the session amid choppiness, finally succumbing to end lower before trimming some intra-day losses.

Realty, financials, IT, FMCG, infra and energy sectors came under selling, while PSU, auto and metal shares gained.
The Nifty hovered between a high of 6,042.25 and a low of 5,972.45, before ending at 5,989.60, showing a loss of 28.45 points, or 0.47 per cent, over the last close.
Cipla, Gail, HDFC Bank, IndusInd Bank, SSLT, Tata Power, Grasim, TCS, HeroMoto corp and ITC were the top index losers.

The gainers were Tata Steel, Hindalco, Sunpharma, SBIN, Tata Motors, ACC, Bank of Baroda, and M&M.
The turnover in the cash segment rose to 11,516.51 crore from 10,896.67 crore yesterday. A total of 5,691.45 lakh shares changed hands in 61,04,617 trades.