Sensex plunges 300 points, Nifty dips below 9900 mark in early trade; ITC stocks tank 13 per cent on cigarettes cess hike

The benchmark BSE Sensex plunged 300 points on Tuesday in early trade amid weak cues from other Asian markets. The NSE Nifty also fell from its all-time peak and dipped below the 9,900-level.

As per stock brokers, the fall in the market was triggered on account of profit-booking at record levels by participants and a weak trend at other Asian markets amid rising concerns about Donald Trump’s economic agenda as he struggles to pass key health care legislation. Stocks led by FMCG, consumer durables, oil & gas and realty were major losers that dragged both the key indices down from their record highs.

ITC stocks suffered the most by falling over 13 per cent after the GST Council Monday hiked cess on cigarettes. However, gains in Bharti Airtel, TCS, Cipla, HUL, Infosys and Sun Pharma cushioned the fall. Foreign portfolio investors bought shares worth a net of Rs328.61 crore Monday, provisional data showed.