Nifty ends below 6,500 on US rate hike worries, down 41 pts

The Market dipped to nearly a two-week low in volatile trade amid worries over sooner than expected interest rate hike by US Fed, as selling in most of the counters led the benchmark to end below 6,500 mark, losing 40.95 points at the National Stock Exchange (NSE).
Barring IT and Pharma, almost all the key indices encountered selling pressure, led by banking, FMCG, Auto, infra, energy, metal and realty, along with shares of mid-cap and small-cap companies.
Markets across the globe reacted with slide after US Federal Reserve chair Janet Yellen announced faster time-table for raising interest rates late yesterday amid cut in monthly bond purchases by USD 10 billion to USD 55 billion.

Shares of DLF dropped by 3.94 per cent, BPCL by 3.79 per cent, followed by Ambuja Cem by 3.56 per cent.
However, stocks from IT segment gained on value buying with TCS surging by 3.37 per cent and Wipro by 1.33 per cent.
Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth net Rs 1,069.74 crore yesterday, as per the provisional data from the stock exchange.

The market opened lower on weak Asian cues and hit fresh lows in the morning trade. The indices continued to trade in the negative zone during the afternoon trade, but trimmed some losses to end in red.

The 50-share Nifty traded between a high of 6,523.65 points and a low of 6,473.25 points before ending at 6,483.10 points, down 40.95 points or 0.63 per cent over the last close.
Other major losers were JP Associate, PowerGrid, PNB, GAIL, Bank of Baroda, HDFC, IndusindBK. While, Hindunilvr, Cipla, Sunpharma and Infy were some of the gainers.
Turnover in the cash segment dropped to Rs 11,415.84 crore from Rs 13,426.34 crore yesterday. A total of 5,917.27 lakh shares changed hands in 54,91,927 trades, while market capitalisation stood at Rs 69,51,070 crore.