<p>Benchmark Sensex today slipped from life highs to end sharply lower at 31,710.99 by falling 364 points following a steep plunge in ITC Ltd stocks after the GST Council yesterday hiked tax on cigarettes.<br /><br />Besides, the broader Nifty also cracked below the 9,900 mark.<br /><br />Sentiment was hurt after the GST Council raised the tax on cigarettes to take away an estimated Rs 5,000 crore annual "windfall" manufacturers could have reaped from lower GST rates.<br /><br />The market was also pulled down by negative European and mixed Asian peers as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.<br /><br />Shares of ITC Ltd emerged worst performer among the Sensex and Nifty components by crashing 12.63 per cent to Rs 284.60 on the BSE.<br /><br />Other cigarette stocks, Godfrey Phillips and VST Industries, also tanked by up to 7.83 per cent.</p>
<p>Benchmark Sensex today slipped from life highs to end sharply lower at 31,710.99 by falling 364 points following a steep plunge in ITC Ltd stocks after the GST Council yesterday hiked tax on cigarettes.<br /><br />Besides, the broader Nifty also cracked below the 9,900 mark.<br /><br />Sentiment was hurt after the GST Council raised the tax on cigarettes to take away an estimated Rs 5,000 crore annual "windfall" manufacturers could have reaped from lower GST rates.<br /><br />The market was also pulled down by negative European and mixed Asian peers as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.<br /><br />Shares of ITC Ltd emerged worst performer among the Sensex and Nifty components by crashing 12.63 per cent to Rs 284.60 on the BSE.<br /><br />Other cigarette stocks, Godfrey Phillips and VST Industries, also tanked by up to 7.83 per cent.</p>