Nifty drops 5% in five sessions to 11-month low; Sensex ends 153 pts lower

Rate hike fears keep investors on tenterhooks as they await Fed policy

The benchmark indices fell for a fifth day on Tuesday as concerns about aggressive rate hikes and their economic impact continued to rattle investors. 

The benchmark Sensex made some gains during the session but could not hold on to them and ended at 52,693.57, with a decline of 153 points, or 0.3 per cent. The Nifty50, on the other hand, ended the session at 15,732, a drop of 42 points or 0.27 per cent. After five sessions of losses -- during which the Nifty has declined 780 points, or 4.73 per cent -- the 50-share index ended at its lowest