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The S&P BSE Sensex slipped nearly 100 points in early morning trade on Tuesday, tracking Asian markets which were trading lower after weak handover from Wall St and rout in oil prices which plunge to near seven-year low. The fall in the S&P BSE Sensex was led by losses in HDFC, RIL, ICICI Bank, ITC, and HDFC Bank.The Nifty50 slipped below its crucial psychological levels of 7,750 weighed down by losses in banks, capital goods, metal, consumer durable, and power stocks. 

Markets closed lower for the fourth session closing near three-week low on Monday with ITC contributing the most to the decline after Arvind Subramanian-led GST panel suggested tobacco products, including cigarettes, will be taxed at 40%. The taxation is over 25% value added tax (VAT) already charged on current products. The Sensex lost 108 points to end at 25,530 and the Nifty shed 17 to close at 7,765.