Nifty slips below 9,900; ITC slumps

The benchmark Nifty dropped 88.80 points -- the biggest fall in two months -- following a massive plunge in FMCG major ITC stock triggered by the GST Council's decision to hike tax on cigarettes.
Trading sentiment was also affected by weak global cues.
Key indices witness a selling pressure throughout the session to end lower amid profit-booking largely seen in FMCG, energy and realty stocks.
Cigarette major ITC lost 12.49 per cent after the Goods and Services Tax (GST) Council yesterday increased the compensation cess on cigarettes by 48.50 paise to 79.20 paise per stick.
Overseas, most Asian markets ended mixed as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by US President Donald Trump. While, European stocks were trading lower as oil and financial stocks declined.

The Nifty opened lower at 9,832.70, hovered in a range of 9,885.35 and 9,792.05 before ending at 9,827.15, a sharp loss of 88.80 points, or 0.90 per cent. (the drop not seen since May 18, when the index fell 96.30 points)

It saw an intra-day movement of about 67.85 points.
Sector-wise, FMCG dropped 6.73 per cent, followed by Energy (1.25 per cent) and Realty (1.02 per cent).
However, IT gained 0.45 per cent and Pharma 0.30 per cent.
Major index losers were ITC (12.49 per cent), Auro Pharma (2.30 per cent), Reliance (2.05 per cent), GAIL (1.84 per cent) and Tata Power (1.14 per cent).

Gainers included Eicher Motor (1.92 per cent), Asian Paints (1.88 per cent), HCL Tech (1.45 per cent), Zeel (1.19 per cent) and Sun Pharma (1.19 per cent).
A total of 1,106 scrips declined, 601 advanced, while 69 remained unchanged. Total securities that hit their price bands were 118.
Turnover in the cash segment climbed to 28,777.45 crore from Rs 24,497.73 crore yesterday.
A total of 14,677.62 lakh shares changed hands in 9,360,641 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,28,51,923 crore.