Markets all pumped up, set new highs on earnings optimism

Meanwhile, the broad based NSE Nifty climbed by 29.60 or 0.30% at 9,915.95 with 34 components registering rise.

The Sensex, too, scaled a fresh intra-day high of 32,131.92 points. Brokers said apart from profit-booking at record levels by participants, a weak trend at other Asian markets amid concerns about Donald Trump's economic agenda as he struggles to pass key healthcare legislation, hurt the trading sentiment here.

Indian shares fell on Tuesday from record highs hit in the previous session as the country's biggest cigarette maker and index heavyweight ITC Ltd plunged after the federal government increased tax on cigarettes.

Consumer staple stocks accounted for almost two-third of the losses on the Nifty, with Nifty FMCG index posting its biggest intraday percentage fall ever.

Stocks of ITC suffered the most by falling 11.90 per cent to Rs 287 after the GST Council had yesterday hiked cess on cigarettes.

Around 9.30 a.m., the wider Nifty of the National Stock Exchange (NSE) traded lower by 44.95 points, or 0.45 per cent to 9,871 points. In the early morning trade, TCS rose 1.2%, Infosys Ltd 1.2%, Wipro Ltd 1%, HCL Technologies Ltd 1.3%, Tech Mahindra Ltd 0.5%.

The news in emerging Asian market wasn't as good on mainland China, despite stable GDP growth of 6.9% in the June quarter which met market forecasts. The Nifty Realty, IT, and Metal indices led the gainers, advancing 1.48 per cent, 1.12 per cent, and 0.96 per cent, respectively.

Vanessa Coleman

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