Nifty falls over 1 pct; ITC slumps

Reuters Market Eye - The Nifty falls 1.1 percent after rising to a record high of 8,535.35, heads towards biggest single-day decline since Oct.16

India's biggest cigarette maker ITC slumps 4.9 pct to head towards biggest single-day fall since July 2014.

A government panel has recommended a ban on sale of loose cigarettes.

Worries over potential delay in insurance bill and new offshore derivative rules also weigh.

(Reporting by Abhishek Vishnoi)