mumbai feb 28 the benchmark bse sensex dropped 16235 points or 047 per cent and the broader nifty settled below the 10500 mark as investors were spooked by worries about us fed rate hike and weak economic data the sensex resumed lower at 3415663 and dropped further to a low 3407645 due to heavy selling pressure in view of foreign capital outflows and lower global cues it closed at 3418404 a loss of 162354 points or 047 per cent the broader nifty dipped below the key 10500level to touch a low of 1046155 and finally concluded 6145 points 058 per cent down at 1049285 weak global market on account of feds hawkish view on future rate hike and extension of selling in banks continued to impact the market fiis are sellers in the market due to domestic headwinds and is adding pressure on inr vinod nair head of research geojit financial services said nifty is consolidating near the recent low while 10year yield is still floating at higher levels keeping investors cautious nair said banking stocks led by axis bank yes bank icici bank and hdfc bank took a hit after the finance ministry set a 15day deadline for banks to take preemptive action on operational and technical risks following a usd 2 billion fraud at punjab national bank in addition sustained capital outflows and the rupee continued to trade at 3month low of 6531 against the us dollar down 44 paise during the day weighed on sentiments investors turned cautious ahead of the macroeconomic data brokers said the december quarter gdp growth numbers were set for release later in the day market sentiment suffered a jolt after other asian markets closed with widespread losses and european markets dropped in early trade tracking a slump in the us stocks overnight after the us fed chair revived worries about a sharp increase in interest rates a declining chinese factory activity which slowed to a 19month low in february also hit the market sentiment also a monthly survey showed indias manufacturing sector growth eased slightly in february as factory output and new business orders rose at a slower pace the nikkei india manufacturing purchasing managers index pmi fell from 524 in january to 521 in february indicating a modest improvement in operating conditions even as remained above the 50pointmark that separates expansion from contraction for the seventh consecutive month however moodys investors service today estimated that india will grow 76 per cent in calendar year 2018 and 75 per cent in 2019 amid signs of economic recovery from impact of demonetisation and gst fresh spell of selling dragged down most of the sectoral indices led by metal banking and fmcg capital goods power and infrastructure ended in the negative zone falling up to 121 per cent pnb shares hit a 20month low by slumping 1211 per cent in morning trade but managed to close higher by 305 per cent gitanjali gems too cracked nearly 5 per cent pnb has said that