ITC shares drag down BSE Sensex to nearly 3-week lows; ONGC, BHEL gain

Jun 23 2014, 18:32 IST
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Sensex falls 74 pts to end at 25,031.32; drops for the fourth straight session. (Reuters) Sensex falls 74 pts to end at 25,031.32; drops for the fourth straight session. (Reuters)
SummaryStock markets had opened on a better note with Sensex touching a high of 25,197 pts.

since Sept. 3, 2013, on a media report that government may raise taxes on cigarettes aggressively in the upcoming budget, dealers said.

Kotak Mahindra Bank fell 3.8 percent while Infosys lost 2.5 percent.

Among other blue-chips, United Spirits fell 3.2 percent while Hindustan Unilever ended down 1.1 percent. UltraTech Cement fell 0.6 percent after the government on Friday pushed through a steep 6.5 percent hike in rail freight effective June 25.

However, sugar refiners gained after the food minister said on Monday that India would raise import duty on sugar to 40 percent from 15 percent, as the government tries to revive business at mills that owe farmers around $1.84 billion.

Bajaj Hindusthan Ltd surged 9.9 percent, Dhampur Sugar Mills Ltd advanced 8.2 percent, Shree Renuka Sugars Ltd rose 10.3 percent, and Balrampur Chini Mills Ltd gained 6.9 percent.

Essar Oil Ltd rose 5 percent and AstraZeneca Pharma India Ltd gained 1.9 percent on plans of delisting the companies from Indian exchanges.

HIGHLIGHTS

* BSE index falls 0.3 pct; NSE ends 0.24 pct lower

* Sugar refiners gain as govt plans to raise import duty

* Essar Oil, AstraZeneca surge on delisting plans

FACTORS TO WATCH

* Aussie, Kiwi up after China survey

* Brent crude up near $115 on Iraq supply worries

* Gloomy French data hits European stocks

* Foreign institutional investor flows

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