Nifty falls 89 points on fresh selling pressure

The NSE Nifty dropped by 89 points to 8,370.25 due to fresh selling pressure mainly in stocks of banking, metal and IT sectors ahead of the expiry of May futures and options contract.
Fears about earlier-than-expected US rate hike also affected the market sentiment.
The 50-share Nifty resumed lower at 8,438.15 and hovered in a range of 8,441.95 and 8,364.15 before ending at 8,370.25, registering a loss of 88.70 points or 1.05 per cent.
Metal index dropped by 1.71 per cent, finance 1.07 per cent and IT 0.90 per cent.
Major Nifty losers were Ambuja Cement (3.85 per cent), ITC (3.75 per cent), Vedanta (3.30 per cent), Tech Mahindra (2.79 per cent) and HDFC (2.75 per cent).

However, ONGC rose by 2.01 per cent, Bank Of Baroda 1.54 per cent, Power Grid 1.53 per cent, HCL Tech 1.52 per cent and Bharti Airtel 1.27 per cent.
Turnover in the cash segment fell to Rs 11,976.21 crore from Rs 18,333.24 crore on Friday.
A total of 6,337.41 lakh shares changed hands in 51,67,971 trades and the total market capitalisation of the NSE stood at Rs 99,61,450 crore.