Nifty falters; global stocks hit by Fed worries

Reuters Market Eye - The Nifty falls 0.7 percent tracking weak global shares. San Francisco Fed paper says investors underestimated the speed at which the Fed might raise rates.

The broader index and Sensex head for a second day of falls after record highs hit on Monday.

Blue-chips lead falls for the second day.

Hero MotoCorp is down 1.6 percent, Reliance Industries Ltd falls 1.5 percent.

ITC Ltd shares fall 1.7 percent on concerns about tougher tobacco regulations.

(Reporting by Indulal PM)