Nifty retreats from record high; ITC slumps

MUMBAI (Reuters) - The Nifty fell on Tuesday, retreating from a record high hit earlier in the session as financial firms slumped on worries parliament would delay an insurance bill, while new rules for offshore derivatives raised worries over foreign flows.

ITC Ltd provisionally slumped 5 percent, contributing the most to the index's fall after the health ministry accepted the recommendation of an internal panel to ban the sale of single cigarettes.

The benchmark Sensex provisionally closed 0.57 percent lower, while the broader Nifty lost 0.79 percent, marking their biggest single-day fall since October 16.

Among lenders, ICICI Bank provisionally lost 2 percent while Kotak Mahindra Bank lost 3.4 percent.

(Reporting by Abhishek Vishnoi; Editing by Biju Dwarakanath)