Stock Market Live News | Current Update Of Market | Profitable Stock tips 24 June 2014

ITC shares tumble 6.5%, m-cap drops Rs 17K cr on duty hike fears

The shares of the company, which makes cigarettes, plunged by 6.50 percent, its biggest drop since September 2013, to close at Rs 314.05 apiece on the BSE.

With the decline in the share price, the FMCG major's market cap fell by Rs 17,377 crore. The market valuation of the company today stood at Rs 2.49 lakh crore as against Rs 2.67 lakh crore on the previous trading day i.E. June 20.

On the National Stock Exchange (NSE), shares of ITC dropped by 5.42 percent to settle the day at Rs 314.95 apiece, from their previous close.

"ITC...Closed down about 6 percent on back of news reports that the government is contemplating a steep hike in excise duty on cigarettes," Kotak Securities Vice President- Private Client Group Research Sanjeev Zarbade said.

Nifty And Banknifty Trends 24 June 2014

GOOD MORNING NIFTY SPOT TREND- CONSOLIDATE RES1:7685 RES2:7635 SUPP1:7435 SUPP2:7360 STRATEGY- BUY ON DIPS

BANK NIFTY TREND- CONSOLIDATE RES1:15260 RES2:15400 SUPP1:14960 SUPP2:14770 STRATEGY- BUY ON DIPS

USD/INR (26 JUN.) TREND: CONSOLIDATE RES 1: 60.40 RES 2: 60.60 SUPP 1: 60.05 SUPP 2: 59.90 STRATEGY: BUY ON DIPS

GBP/USD TREND: CONSOLIDATE RES 1: 1.7060 RES 2: 1.7080 SUPP 1: 1.7000 SUPP 2: 1.6980 STRATEGY: BUY ON DIPS

EUR/USD TREND: CONSOLIDATE RES 1: 1.3620 RES 2: 1.3640 SUPP 1: 1.3570 SUPP 2: 1.3550 STRATEGY: BUY ON DIPS

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