Market
Live: Nifty below 9900, Sensex loses 250 pts; ITC crashes 14% on cess hike
Equity
benchmarks opened sharply lower on Tuesday, with the Nifty falling below 9900
level, dragged by ITC after cess on cigarette hiked by the GST Council.
The
30-share BSE Sensex was down 239.02 points at 31,835.76 and the 50-share NSE
Nifty fell 56.55 points to 9,859.40.
ITC
crumbled nearly 14 percent as brokerage houses downgraded the stock after the
Goods and Services Tax (GST) Council decided to increase the cess on
cigarettes. Other stocks like Godfrey Phillips (down 10 percent) and VST
Industries (down 5 percent) also caught in bear grip.
HDFC,
Infosys, TCS, Wipro and ACC gained up to 1.5 percent while Bharti Airtel surged
5 percent.
About
two shares declined for every share rising on the NSE.
Shree
Digvijay Cement, Linde India, Max Financial and Jubilant Foodwors lost up to 5
percent while Fortis Healthcare and Aditya Birla Nuvo gained up to 5 percent.
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