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Business News/ Market / Stock-market-news/  Sensex sinks 364 points, Nifty falls 0.88% as ITC, RIL shares fall
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Sensex sinks 364 points, Nifty falls 0.88% as ITC, RIL shares fall

BSE Sensex closed lower by 364 points, or 1.13%, to 31,711, while the Nifty 50 fell 89 points, or 0.90%, to 9,827. Here are the latest updates and developments from the markets

BSE Sensex and NSE Nifty closed lower on Tuesday. Photo: MintPremium
BSE Sensex and NSE Nifty closed lower on Tuesday. Photo: Mint

Mumbai: Benchmark Sensex on Tuesday slipped from record high to end lower at 31,711 by falling 364 points after a steep plunge in ITC Ltd stocks after the goods and services tax (GST) council on Monday hiked tax on cigarettes.

Besides, the broader Nifty also cracked below the 9,900 mark. Sentiment was hurt after the GST Council raised the tax on cigarettes to take away an estimated Rs5,000 crore annual “windfall" manufacturers could have reaped from lower GST rates. The market was also pulled down by negative European and mixed Asian peers as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.

Shares of ITC Ltd emerged worst performer among the Sensex and Nifty components by crashing 12.63% to Rs284.60 on the BSE. Other cigarette stocks, Godfrey Phillips and VST Industries, also tanked by up to 7.83%.

Here are the latest updates.

■ 3.30pm: BSE Sensex closed lower by 364 points, or 1.13%, to 31,711, while the Nifty 50 fell 89 points, or 0.90%, to 9,827.

3.15pm: ITC and Reliance Industries (RIL) bring stock indices down. Reliance Industries (RIL) falls 2%, while ITC falls over 12.5%.

2.45pm: BSE Sensex trades lower by 341 points, or 1.06%, to 31,734, while the Nifty 50 falls 84 points, or 0.84%, to 9,832.

2.08pm: PSU bank and IT stocks rise. Nifty PSU bank index rises by 1.06%, Nifty IT index rises by 1.06% while BSE IT index jumps by 1.08%.

1.08pm: Top Sensex losers are ITC Ltd, Reliance Industries (RIL) and NTPC with losses to the tune of 12%, 2.29%, and 0.56%. The major gainers were Asian Paint, Tata Steel and DrReddys with profits to the tune of 1.73%, 1.50% and 1.28%, respectively.

12.20pm: Led by ITC, fast moving consumer goods (FMCG) stocks fall. The BSE FMCG index falls by 5.47%, whereas Nifty FMCG index declines by 6.18%.  

11.25am: BSE Sensex trades lower by 253 points, or 0.79%, to 31,821, while the Nifty 50 falls 61 points, or 0.62%, to 9,855.

10.15am: IT stocks trade higher. TCS rose 1.2%, Infosys Ltd 1.2%, Wipro Ltd 1%, HCL Technologies Ltd 1.3%, Tech Mahindra Ltd 0.5%.

9.55am: ACC Ltd rose 2% to 1784.90 after the company reported a jump in standalone net profit for the quarter ended June, beating analyst estimates.Net profit rose to 21.75 crore, a 32.7% increase from the year-earlier period, on a 20.5% rise in revenue to ,958.6 crore.

9.45am: Jubilant FoodWorks Ltd rose 2% to 1300.50 after the company said its standalone profit increased 26% to 3.8 crore in the quarter ended 30 June from 8.9 crore a year earlier, backed by the best same stores-level growth at the pizza chain in two years.

9.25am: BSE Sensex trades lower by 238 points, or 0.74%, to 31,837, while the Nifty 50 falls 51 points, or 0.52%, to 9,865.

■ 9.20am: ITC Ltd on Tuesday fell 13% to Rs282.65 after most of the brokerage downgraded the stock and also cut its target price after government increased cess on cigarettes.

■ 9.15am: The rupee opened and touched a high of 64.32 a dollar. At 9.15am, the rupee was trading at 64.32 a dollar, up 0.07% from its Monday’s close of 64.36.

■ 9.10am: The 10-year bond yield was at 6.456%, compared to its previous close of 6.464%. Bond yields and prices move in opposite directions.

■ 9.00am: Asian currencies were trading higher. Japanese yen was up 0.42%, South Korean won 0.23%, China Offshore 0.13%, China renminbi 0.12%, Indonesian rupiah 0.1%, Thai Baht 0.1%, Taiwan dollar 0.1%, Singapore dollar 0.09%. However, Philippines peso was down 0.22%.

With inputs from PTI

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Published: 18 Jul 2017, 09:29 AM IST
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