Sensex Hits Three-month Low On GST Worries; Nifty Drifts Below 7650

(RTTNews) - The Indian markets fell for a sixth consecutive session on Wednesday amid broad-based selloff on continued selling pressure from foreign investors as political impasse over the GST Bill continued and investors fretted over an impending Fed rate hike.

The benchmark BSE Sensex fell 274.28 points or 1.08 percent to settle at 25,036.05, with selling accelerating in the last 90 minutes of trade. The broader Nifty index slumped 89.20 points or 1.16 percent to finish at 7,612.50.

Metal stocks bore the brunt of the selling even as commodities such as copper and oil regained some lost ground in Asian deals on a weaker dollar. Hindalco, Tata Steel, Coal India and Vedanta lost 3-6 percent. Dr Reddy's Laboratories fell 2.1 percent on concerns over Venezuela currency devaluation. Bharat Forge plunged 4 percent after issuing weak guidance.

Electrosteel Steels rallied 2.6 percent on debt restructuring news. Power Finance Corporation rose 2 percent after three days of losses.

On the global front, Asian stocks fell for a second straight day after oil prices took another tumble overnight and encouraging Japanese and Chinese data weakened the case for additional stimulus, at least in the near-term. Oil prices regained some lost ground in Asian deals on a weaker dollar, helping cap losses across the region.

European shares fell to their lowest level in more than two months, erasing earlier gains.