Markets fall for 4th day

Tobacco shares are major losers over GST proposals, as ITC down 6.6%, VST down 2.9% and Godfrey Phillips down 4.9%

Mumbai: The stock markets closed lower for the fourth session on Monday dragged by ITC as GST panel suggested about 40 per cent tax on tobacco products including cigerettes. Also oil and auto shares pulled the indices down, while private banks extended support.

According to the market experts, the consolidation phase is continuing as the market is eagerly waiting for Fed meet and passage of GST bill in Parliament.

Sensex closed down 108 points at 25,530 and Nifty lost 17 points to close at 7,765. However, the broader markets outperformed with midcap closed flat and smallcap up 0.2 per cent.

Drug major Sun Pharma continued rally gaining about 3 per cent as the company's subsidiary obtained final approval for generic version of Gleevec.

Tobacco shares are major losers over GST proposals, as ITC down 6.6 per cent, VST down 2.9 per cent and Godfrey phillips down 4.9 per cent.

On sectoral front, brisk buying is observed in healthcare, banking and consumer durables, while selling pressure seen in fast moving FMCG, metal and oil & gas sectors.

The gainers: Sun Pharma, up 2.81 per cent at Rs 777.35; Hindustan Unilever, up 2.01 per cent at Rs 831.75; Lupin, up 1.41 per cent at Rs 1,831.35, Tata Steel, up 1.39 per cent at Rs 243.55; and HDFC, up 1.20 per cent at Rs 1,186.

The losers: ITC, down 6.57 per cent at Rs 313.55; Coal India, down 2.42 per cent at Rs 327.55; ONGC, down 1.54 per cent at Rs 224.10; Reliance Industries, down 1.25 per cent at Rs 953.70; and Maruti Suzuki, down 0.91 per cent at Rs 4,564.35.