ITC Ltd shares have extended their gains for the third consecutive session, rising 4% to ₹317 on the National Stock Exchange (NSE). The stock reached an intraday high of ₹317.50 and has seen heavy trading volumes, with 21 million shares changing hands compared to 13 million in the previous session. This rally has boosted ITC's market capitalization by more than ₹16,000 crore, bringing it to ₹3.97 trillion. The Nifty FMCG index also performed well, climbing nearly 2.2%. Despite this positive momentum, ITC has faced ongoing regulatory challenges, particularly following the introduction of a 40% Goods and Services Tax (GST) and specific excise duties on tobacco products effective February 1, 2026. These factors have contributed to a 13% decline in ITC's stock this year and a 26% drop over the past year, contrasting with a largely flat performance from the Nifty index. Analysts are cautiously optimistic about the stock's recent uptick, suggesting that while there is buying activity, the sustainability of this rally remains uncertain. Technical analysts indicate that breaking above the ₹310 level has created positive momentum, with potential targets of ₹330–340 if the upward trend continues.