The Nifty50 which was trading well above 9900 on Monday and was just a few points away from the magical figure of 10,000, saw a gap down opening on Tuesday largely led by losses in ITC as investors preferred to dump the stocks after brokerage houses downgraded the stock.
Top global brokerage house pared their expectations with respect to ITC which holds one of the highest weightage in the Nifty which led to sharp fall in the index.
The stock saw a deep cut of 15 percent in trade after the Goods and Services Tax (GST) Council decided to increase the cess on cigarettes. Other stocks like Godfrey Phillips (down 10 percent) and VST Industries (down 10 percent) also caught in a bear grip.
