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A steep fall in index heavyweight ITC and a negative lead from Asian markets pushed the domestic market lower on Tuesday, while investors are also keeping an eye on over a dozon firms, which are scheduled to report their June quarter numbers today.

Meanwhile, dollar sagged on growing expectations that the Federal Reserve will take a more cautious approach to raising interest rates. Overnight, Wall Street ended little changed in low-volume trading, as investors braced for a flood of second-quarter earnings reports later this week.

10:03 AMMARKET CHECKAt 10:00 am, the Sensex was trading at 31,886, down 188 points, while the broader Nifty50 was ruling at 9,876, down 39 points.

09:58 AMNifty IT is the only sectoral index that is trading over 1% higher. TCS, Infosys and Wipro gain the most, up over 1% each.

09:49 AMACC gained over 35 to Rs 1809 after the cement producer reported an about 33% rise in June-quarter consolidated profit, boosted by higher cement sales volume. CLICK HERE FOR FULL REPORT

09:43 AMIn the broader market, the BSE Midcap and the BSE Smallcap indices traded flat for second session in a row.

09:37 AMS&P BSE Sensex heatmap

09:32 AMBharti Airtel was the top gainer and rose nearly 3% to Rs 429 after the telecom major said it has infused more than Rs 30,000 crore in the last two years on boosting its network infrastructure.

Bharti Airtel, airtel09:23 AMITC hogs limelight The stock was the top loser and tumbled over 14% to Rs 276 after the GST Council raised the cess on cigarettes to address an anomaly under the new tax regime that had resulted in lower tax incidence than before.

Cigarette, Tobacco, BAT

09:20 AMMARKETS@OPEN

At 9:20 am, the S&P BSE Sensex was trading at 31,788, down 286 points, while the broader Nifty50 was ruling at 9,853, down 62 points.09:15 AMStocks in focus Cigarette stocks, HUL, RIL, ONGC, Ultratech Cement and Coal India 09:12 AMSTOCK WATCH: ITC tumbles 10% in pre-open trade09:08 AMOption Strategy on Hindalco Put writing at 205 and 210 strike could provide the support. CLICK HERE FOR DETAILS09:05 AMBuy Bharat Financial with a target price of Rs 885, says Prabhudas Lilladher. CLICK HERE FOR MORE STOCK PICKS09:02 AMTechnical picks Buy DHFL, ICICI Bank and HDFC, says Chandan Taparia of Motilal Oswal Securities. CLICK HERE FOR DETAILS09:01 AMITC GST implications: Tax rates hiked; gains lost The incremental cess will mean that earnings will be downgraded as we do not believe the company will take huge price hikes. While the company could still take some price hikes but we believe consensus expectations for FY18 earnings growth will be trimmed to around 10% from the current expectations of 16-18% growth. The stock is likely to react negatively, but considering the tremendous pricing power of the category and relatively cheap valuations we continue to remain buyers. Our target price is Rs 345: Naveen Kulkarni, Co-Head of Research, PhillipCapital09:00 AMNifty outlook by Chandan Taparia The index has to continue to hold 9,900 zone to witness an up move towards 9,950-10,000 zones while on the downside supports are seen at 9,850 then 9,820 mark. Index has been making higher top – higher bottom formation and supports are gradually shifting higher which has a bullish implication for ongoing market trend.08:57 AMMarkets on Monday: The FIIs were net buyers of stocks worth Rs 328.61 crore while the DIIs were net sellers of stocks worth Rs 447.4 crore08:56 AMCrude oil futures edged higher, with US crude rising 0.2% to $46.10 per barrel and Brent crude adding 0.1% to $48.49. Crude prices had skidded about 1% on Monday as investors held out for strong indications that an OPEC-led effort to drain a glut was proving effective.

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