Sensex and Nifty Rise Despite Tobacco Tax
Sensex and Nifty 50 end higher on January 2, 2026. However, ITC and Godfrey Phillips stocks tanked due to new government tobacco tax hikes. Read the latest market analysis.
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LUCKNOW-The Indian equity market maintained its positive momentum on the second trading day of 2026. The Sensex climbed 0.40% to reach 85,532.64, while the Nifty 50 gained 0.41% to settle at 26,253.50, driven by strong buying in metal and energy sectors.
Despite the indices closing green, tobacco stocks faced a brutal bloodbath. ITC Ltd shares crashed nearly 10% after the government announced a steep hike in cigarette excise duty, effective February 1. Investors remain cautious as the new tax regime targets premium cigarette volumes.
