Consumer Goods Gauge Hits Record As ITC Surges 

The consumer goods benchmark rose the most in over a year to hit a fresh high, driven by a surge in ITC Ltd. after analysts said a lower tax on tobacco will boost the cigarette-to-soap maker's earnings.

The basic excise and additional excise duties on tobacco products have been dropped under the Goods and Services Tax. The levy per cigarette stick will fall 7-9 percent on an average if prices don't change, Credit Suisse analysts wrote in a note to clients.

As ITC shares surged, the Nifty FMCG gained 5.7 percent on Monday. It has jumped 34 percent so far this year, twice as much as the benchmark Nifty 50 and Sensex indices. The consumer goods gauge is the second best performer year to date after the Nifty Realty Index, which has gained 61 percent.

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