TORONTO (Reuters) - Toronto Stock Exchange's main index ended more than 100 points lower as resource shares dropped sharply and the Bank of Canada raised market expectations for an interest rate hike.The S&P/TSX composite index closed down 111.02 points, or 0.79 percent, at 13,962.72.

"I think the trigger today was the prospect of higher interest rates," said Julie Brough, assistant vice president at Morgan Meighen & Associates.

"The reality is that we're a market that has gone a long way. We're due for a correction."

Eight of the TSX index's 10 main groups were lower, led by a 1.6 percent fall in the resource-heavy materials group on softer metals prices, and a 1.5 percent drop in the energy sector as oil prices fell sharply.

A Bank of Canada's statement also weighed on the market. The bank held its overnight rate at 4.25 percent, but said it might need to raise rates in the near term.

Financials slipped 0.4 percent. In the oil patch, Suncor Energy fell C$1.63, or 1.7 percent, to C$91.89, while EnCana fell 97 Canadian cents, or 1.5 percent, to C$64.49.

In the materials sphere, Alcan slipped C$2.25, or 2.4 percent, to C$92, while Barrick Gold fell 59 Canadian cents, or 1.9 percent, to C$30.62.

The market slumped on energy and materials issues but those are the sectors that have been strong, said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

"I don't think it's anything to be concerned about," he said. "I think it's just merely a pause here."

On the earnings front, Bombardier rose 58 Canadian cents, or 12 percent to C$5.36 after it said higher revenue from business and regional aircraft helped it more than triple its quarterly profit.

Shares of Bank of Nova Scotia rose 50 Canadian cents, or 0.9 percent, to C$54.25 after Canada's third biggest bank by assets said it beat expectations with a 16-percent jump in second-quarter profit.