SCHEDULE 13G  
  
Amendment No.   
ITT Corporation  
Common Stock  
Cusip # 450912100  
Filing Fee: Yes  
 
 
Cusip # 450912100  
Item 1:	Reporting Person - FMR Corp. - (Tax ID:  04-2507163)  
Item 4:	Commonwealth of Massachusetts  
Item 5:	231,243  
Item 6:	3,000  
Item 7:	17,501,902  
Item 8:	3,000  
Item 9:	17,504,902  
Item 11:	15.00%  
Item 12:	HC   
  
  
 
 
Cusip # 450912100  
Item 1:	Reporting Person - Edward C. Johnson 3d   
Item 4:	United States of America  
Item 5:	400  
Item 6:	3,000  
Item 7:	17,501,902  
Item 8:	3,000  
Item 9:	17,504,902  
Item 11:	15.00%  
Item 12:	IN   
  
 
 
Cusip # 450912100  
Item 1:	Reporting Person - Abigail P. Johnson   
Item 4:	United States of America  
Item 5:	0  
Item 6:	0  
Item 7:	17,501,902  
Item 8:	0  
Item 9:	17,504,902  
Item 11:	15.00%  
Item 12:	IN   
  
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
  
Item 1(a).	Name of Issuer:  
  
		ITT Corporation  
  
Item 1(b).	Name of Issuer's Principal Executive Offices:  
  
		1330 Avenue of the Americas   
		New York, NY  10019-5490  
  
Item 2(a).	Name of Person Filing:   
  
		FMR Corp.  
  
Item 2(b).	Address or Principal Business Office or, if None, Residence:  
  
		82 Devonshire Street, Boston, Massachusetts  02109  
  
Item 2(c).	Citizenship:  
  
		Not applicable  
  
Item 2(d).	Title of Class of Securities:  
  
		Common Stock  
  
Item 2(e).	CUSIP Number:    
  
		450912100  
  
Item 3.	This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the  
person filing, FMR Corp., is a parent holding company in accordance  
with Section 240.13d-1(b)(ii)(G).  (Note:  See Item 7).  
  
Item 4.	Ownership  
  
	(a)	Amount Beneficially Owned: 
	17,504,902  
  
	(b)	Percent of Class: 
	15.00%  
  
	(c)	Number of shares as to which such person has:    
  
	(i)	sole power to vote or to direct the vote: 
	231,243  
  
	(ii)	shared power to vote or to direct the vote: 
	3,000  
  
	(iii)	sole power to dispose or to direct the disposition of: 
	14,293,502  
  
	(iv)	shared power to dispose or to direct the disposition of: 
	3,000  
  
  
 
 
Item 5.	Ownership of Five Percent or Less of a Class.  
  
	Not applicable.  
  
Item 6.	Ownership of More than Five Percent on Behalf of Another Person.  
  
	Various persons have the right to receive or the power to  
direct the receipt of dividends from, or the proceeds from the  
sale of, the common stock of ITT Corporation.  No one person's  
interest in the common stock of ITT Corporation is more than  
five percent of the total outstanding common stock.  
  
Item 7.	Identification and Classification of the Subsidiary Which Acquired  
the Security Being Reported on By the Parent Holding Company.  
  
	See attached Exhibit(s) A, B, and C.  
  
Item 8.	Identification and Classification of Members of the Group.  
  
	Not applicable, see attached Exhibit A.   
  
Item 9.	Notice of Dissolution of Group.  
  
	Not applicable.  
  
Item 10.	Certification.  
  
	By signing below I certify that, to the best of my knowledge  
and belief, the securities referred to above were acquired in  
the ordinary course of business and were not acquired for the  
purpose of and do not have the effect of changing or  
influencing the control of the issuer of such securities and  
were not acquired in connection with or as a participant in any  
transaction having such purpose or effect.  
  
  
Signature  
  
	After reasonable inquiry and to the best of my knowledge and  
belief, I certify that the information set forth in this  
Schedule 13G in connection with FMR Corp.'s beneficial  
ownership of the common stock of ITT Corporation at April 30,  
1996 is true, complete and correct.   
  
  
  
	May 9, 1996	  
Date  
  
  
  
	/s/Arthur S. Loring  
Signature  
  
  
  
	Arthur S. Loring, Vice  
President	  
Name/Title  
  
  
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
	Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity  
Management & Research Company ("Fidelity"), 82 Devonshire Street, Boston,  
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and an investment  
adviser registered under Section 203 of the Investment Advisers Act of 1940,  
is the beneficial owner of 16,946,259 shares or 14.52% of the common stock  
outstanding of ITT Corporation ("the Company") as a result of acting as  
investment adviser to various investment companies registered under Section 8  
of the Investment Company Act of 1940, and as a result of acting as sub- 
adviser to Fidelity American Special Situations Trust ("FASST").    
  
	FASST is a unit trust established and authorized by the Department of  
Trade and Industry under the laws of England.  The investment adviser of FASST  
is Fidelity Investment Services Limited, an English company and a subsidiary  
of Fidelity International Limited ("FIL").  
  
	Edward C. Johnson 3d, FMR Corp., through its control of Fidelity, and the  
funds each has sole power to dispose of the 16,942,259 shares owned by the  
Funds.  
  
	Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR Corp., has  
the sole power to vote or direct the voting of the shares owned directly by  
the Fidelity Funds, which power resides with the Funds' Boards of Trustees.   
Fidelity carries out the voting of the shares under written guidelines  
established by the Funds' Boards of Trustees.  
  
	FIL, FMR Corp., through its control of Fidelity, and FASST each has sole  
power to vote and to dispose of the 4,000 shares held by FASST.  
  
	Fidelity Management Trust Company, 82 Devonshire Street, Boston,  
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and a bank as  
defined in Section 3(a)(6) of the Securities Exchange Act of 1934, is the  
beneficial owner of 542,243 shares or 0.46% of the common stock outstanding of  
the Company as a result of its serving as investment manager of the  
institutional account(s).    
  
	Edward C. Johnson 3d and FMR Corp., through its control of Fidelity  
Management Trust Company, has sole dispositive power over 542,243 shares and  
sole power to vote or to direct the voting of 213,843 shares, and no power to  
vote or to direct the voting of 328,400 Shares of common stock owned by the  
institutional account(s) as reported above.  
  
	Members of the Edward C. Johnson 3d family and trusts for their benefit  
are the predominant owners of Class B shares of common stock of FMR Corp.,  
representing approximately 49% of the voting power of FMR Corp.  Mr. Johnson  
3d owns 12.0% and Abigail Johnson owns 24.5% of the aggregate outstanding  
voting stock of FMR Corp.  Mr. Johnson 3d is Chairman of FMR Corp. and Abigail  
P. Johnson is a Director of FMR Corp.  The Johnson family group and all other  
Class B shareholders have entered into a shareholders' voting agreement under  
which all Class B shares will be voted in accordance with the majority vote of  
Class B shares.  Accordingly, through their ownership of voting common stock  
and the execution of the shareholders' voting agreement, members of the  
Johnson family may be deemed, under the Investment Company Act of 1940, to  
form a controlling group with respect to FMR Corp.  The number of shares of  
common stock of the Company reported herewith includes 3,400 shares or 0.00%  
of common stock owned directly by Edward C. Johnson 3d or in trusts for the  
benefit of Edward C. Johnson 3d or an Edward C. Johnson 3d family member for  
which Edward C. Johnson 3d serves as trustee.  
  
	Edward C. Johnson 3d has sole voting and dispositive power over 400  
shares and shared voting and dispositive power over 3,000 shares.  
  
	Fidelity International Limited, Pembroke Hall, 42 Crowlane, Hamilton,  
Bermuda, and various foreign-based subsidiaries provide investment advisory  
and management services to a number of non-U.S. investment companies (the  
"International Funds") and certain institutional investors.  Fidelity  
International Limited is the beneficial owner of 17,000 shares or 0.01% of the  
common stock outstanding of the Company, which includes 4,000 shares or 0.00%  
of the common stock outstanding of the Company owned by FASST.  Additional  
information with respect to the beneficial ownership of Fidelity International  
Limited is shown on Exhibit B, page 1.  
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
  
	Pursuant to instructions in Item 7 of Schedule 13G, this Exhibit has been  
prepared  to identify Fidelity International Limited, Pembroke Hall, 42 Crow  
Lane, Hamilton, Bermuda, a Bermudian joint stock company incorporated for an  
unlimited duration by private act of the Bermuda Legislature (FIL) and an  
investment adviser to various investment companies (the "International Funds")  
and certain institutional investors, as a beneficial owner of the 17,000  
shares or 0.01% of the common stock outstanding of ITT Corporation, which  
includes 4,000 shares or 0.00% of the common stock outstanding of the Company  
owned by FASST.  
  
	Prior to June 30, 1980, FIL was a majority-owned subsidiary of Fidelity  
Management & Research Company (Fidelity), a wholly-owned subsidiary of FMR  
Corp.  On that date, the shares of FIL held by Fidelity were distributed, as a  
dividend,  to the shareholders of FMR Corp.  FIL currently operates as an  
entity independent of FMR Corp. and Fidelity.  The International Funds and  
FIL's other clients, with the exception of Fidelity and an affiliated company  
of Fidelity, are non-U.S. entities.  
  
	A partnership controlled by Edward C. Johnson 3d and members of his  
family owns shares of FIL voting stock with the right to cast approximately  
47.22% of the total votes which may be cast by all holders of FIL voting  
stock.  Mr. Johnson 3d is Chairman of FMR Corp. and FIL.  FMR Corp. and FIL  
are separate and independent corporate entities.  FMR Corp. and FIL are  
managed independently and their Boards of Directors are generally composed of  
different individuals.  Other than when one serves as a subadviser to the  
other, their investment decisions are made independently, and their clients  
are different organizations.  
  
	FMR Corp. and FIL are of the view that they are not acting as a "group"  
for purposes of Section 13(d) under the Securities Exchange Act of 1934 (the  
"1934" Act) and that they are not otherwise required to attribute to each  
other the "beneficial ownership" of securities "beneficially owned" by the  
other corporation within the meaning of Rule 13d-3 promulgated under the 1934  
Act.  Therefore, they are of the view that the shares held by the other  
corporation need not be aggregated for purposes of Section 13(d). However, FMR  
Corp. is making this filing on a voluntary basis as if all of the shares are  
beneficially owned by FMR Corp. and FIL on a joint basis.  
  
	FIL may continue to have the International Funds or other accounts  
purchase shares subject to a number of factors, including, among others, the  
availability of shares for sale at what FIL considers to be reasonable prices  
and other investment opportunities that may be available to the International  
Funds.  
  
	FIL intends to review continuously the equity position of the  
International Funds and other accounts in the Company.  Depending upon its  
future evaluations of the business and prospects of the Company and upon other  
developments, including, but not limited to, general economic and business  
conditions and money market and stock market conditions, FIL may determine to  
cease making additional purchases of shares or to increase or decrease the  
equity interest in the Company by acquiring additional shares, or by disposing  
of all or a portion of the shares.  
  
	FIL does not have a present plan or proposal which relates to or would  
result in (i) an extraordinary corporate transaction, such as a merger,  
reorganization, liquidation, or sale or transfer of a material amount of  
assets involving the Company or any of its subsidiaries, (ii) any change in  
the Company's present Board of Directors or management, (iii) any material  
changes in the Company's present capitalization or dividend policy or any  
other material change in the Company's business or corporate structure, (iv)  
any change in the Company's charter or by-laws, or (v) the Company's common  
stock becoming eligible for termination of its registration pursuant to  
Section 12(g)(4) of the 1934 Act.  
  
	FIL has the sole power to vote and the sole power to dispose of 13,000  
shares.  FIL, FMR Corp., through its control of Fidelity, and FASST each has  
sole power to vote and to dispose of the 4,000 shares held by FASST.    
 
 
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS  
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)  
  
RULE 13d-1(f)(1)  AGREEMENT  
  
	The undersigned persons, on May 9, 1996, agree and consent to the joint  
filing on their behalf of this Schedule 13G in connection with their  
beneficial ownership of the common stock of ITT Corporation at April 30, 1996.  
  
	FMR Corp.  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Vice President - Legal  
	Edward C. Johnson 3d  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Under Power of Attorney dated  
5/17/89 
On File with Schedule 13G for 
Airborne Freight Corp. 9/10/91   
  
	Abigail P. Johnson  
  
  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Under Power of Attorney dated  
1/5/96 
On File with Schedule 13G for 
Acclaim Entertainment Inc.  
1/10/96  
	Fidelity Management & Research Company  
	By	/s/Arthur S. Loring  
Arthur S. Loring 
Sr. V.P. and General Counsel