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.

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Nifty below 9900, Sensex loses 250 pts; ITC crashes 14% on cess hike