„Rate hike, inflation fears grip global markets Stocks dip on global cues

Stocks fell sharply tracking weak global markets impacted by rate hike fears and over 2 per cent fall in overnight US market ahead of US inflation data release scheduled late on Friday.

The Sensex too fell

1016.84 points or 1.84 per cent to 54,303.44 and the

Nifty-50 fell 1.68 per cent or

276 points to 16201.80 points at market close.

The Nifty ended lower by

2.31 per cent for the week after a streak of three weekly gains.

Foreign portfolio investors were net sellers of equities worth Rs

3,973.95 crore while domestic institutions were net buyers by Rs 2,831.07 crore. FPIs have sold equities worth Rs 13,888 crore in June so far after Rs 40,000 crore selling in May.

"World stocks hit a twoweek low on Friday as rate hike guidance from the European Central Bank and jitters over upcoming US inflation data stoked concerns about global growth. Nifty-50 fell for the 5th day out of the past 6 days on June 10 pulled lower by negative global cues. Nifty-50 was the worst performer in the Asian region," said Deepak Jasani, head of retail research, HDFC Securities.

Among sectors, Oil & Gas, Metals, Banks and IT indices fell the most while Telecom ended in positive territory.

"The market is stuck in a broader range for the last one month, which is expected to continue until any clear direction emerges on either side. While declines are being bought into, support is missing at higher levels," said Siddhartha Khemka, head-retail research, Motilal Oswal Financial Services

"Investors would look forward to upcoming US Federal Reserve meeting scheduled next week on 1415th June. On the domestic side depreciating rupee, high crude oil prices and consistent FPI selling remain key negatives,". Khemka said.