Benchmark indices traded lower as the fall in index heavyweight ITC drag the overall market as the Union Government increased the tax on cigarettes. Taxes on cigarettes were raised resulting in an increase of as much as Rs. 792 rupees ($12.31) for every 1,000 cigarettes. Weak global cues from Asia also kept the domestic equities under pressure. Nifty ended the session n to close at 9852.50. IT stocks were the major gainers of the day while FMCG stocks were the major losers of the day.
Global Markets Update
Johnson & Johnson reported mixed results on Tuesday that beat on the bottom line, but missed on revenue, sending its shares initially 1% higher in pre-market trade.
Asian markets took a breather Tuesday, with market across the region down on profit taking following a recent rally. The shallow losses tracked similar moves in U.S. markets at the close of Monday.
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