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ITC chokes stock markets, Sensex closes 363 pts down
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SME Times News Bureau | 18 Jul, 2017
Negative global cues and a heavy lag in FMCG major ITC stocks dragged the Indian equity markets lower on Tuesday.
According
to market analysts, a free fall in the stocks of the largest FMCG
company ITC dragged lower the key equity indices, following which the
S&P BSE FMCG index plunged by 651.93 points or 6.12 per cent.
The
plunge in the stocks of the bluechip firm followed the increasing of
compensation cess rates on cigarettes by the GST Council on Monday in
view of the reduction in tax on the demerit good under the new indirect
tax regime.
On a closing basis, the wider Nifty of the National
Stock Exchange (NSE) shed 88.80 points, or 0.90 per cent, to
provisionally close at 9,827.15 points (at 3.30 p.m.).
The
30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,775.54
points, closed at 31,710.99 points -- down 363.79 points, or 1.13 per
cent, from the previous close at 32,074.78 points.
The Sensex touched a high of 31,911.61 points and a low of 31,626.44 points during intra-day trade.
The BSE market breadth was bearish with 1,682 declines and 1,004 advances.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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84.35
|
82.60 |
UK Pound
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106.35
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102.90 |
Euro
|
92.50
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89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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