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Sensex Ends Lower On Interest Rate Hike Fears In US
Benchmark indices dropped once again in trade, falling for six trading sessions out of seven, as investors remained cautious ahead of the Bihar election results.
Comments by US Fed Chairman, Janet Yellen that hinted at the possibility of interest rate hike in the US in December also affected sentiments.
The Sensex ended the day lower by 248 points, while the Nifty dropped 84 points in trade. Investors remained worried that a victory for the Grand Alliance in the Bihar polls would push back the reform process.
Exit polls later this evening would throw some light on the outcome, ahead of the counting on Nov 8.
IDBI Bank was among the few banking shares that managed to hold ground after reports that the government was not averse to merging it with other private sector players.
Pharma shares also lost good ground in trade with the pharma index losing more than 1 per cent. Sun Pharma, Lupin and Dr Reddy's were the major losers from the space.
Shares in Ashok Leyland fell despite as profits lagged estimates. Bata too lost ground after its results were below expectations.
FMCG stocks, which are considered as defensives, managed to hold ground with ITC and HUL gaining. Vedanta and Tata Steel were the top losers from the Nifty today.
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