Finance

Sensex Ends 108 Points Lower; ITC Slumps 7% on GST Worries

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The Sensex and Nifty fell for the fourth day in a row on Monday on the back of selling in heavyweight stocks such as ITC, Reliance Industries, ONGC and State Bank of India.

The broader markets traded on a flat note in trades today with BSE mid-cap index slipping 0.1 per cent and the small-cap index advancing 0.16 per cent.

Cigarette manufacturers were the worst hit. ITC was the biggest Nifty loser, the stock slumped 7 per cent to close at Rs 313. VST Industries fell 4 per cent and Godfrey Philips also fell 4 per cent after the government-appointed Arvind Subramanian panel’s recommendation of a steep 40 per cent tax on tobacco products triggered a selloff in these shares.

Shares of oil producers such as Reliance Industries, ONGC and Cairn India fell 1.4-2.5 per cent as oil prices fell on Monday after OPEC failed to agree on output targets to reduce a bulging glut.

Coal India, Idea Cellular, Maruti Suzuki, Bajaj Auto, Bank of Baroda and Yes Bank were also among the laggards.

On the other hand, Sun Pharma extended its Friday’s rally and was among the top Nifty gainers. The stock closed 3 per cent higher at Rs 777 after US regulator on Friday approved Sun Pharma’s generic version of anti-cancer drug Gleevec.

Asian Paints, HUL, Tech Mahindra, Lupin, ACC, Tata Steel and Grasim Industries were also among the gainers.

On the sectoral front, FMCG index was the top loser, it fell 2.45 per cent. PSU Banking, metal, auto, capital goods and oil & gas indices also ended lower.

The overall breadth was neutral as 1,445 stocks advanced while 1,318 stocks declined.

The Sensex finally closed 108 points lower at 25,530 and Nifty slipped 16 points to settle at 7,765.

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Nagaraju Tadakaluri
Nagaraju Tadakaluri is a Professional Web Designer, Freelance Writer, Search Engine Optimizer (SEO), Online Marketer, Multi Level Marketer (MLM) and Business Promoter. Have developed Latest Updates in hopes to educate, inform and inspire.

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