On Wall Street, S&P 500 dropped the most in a month on Monday. Dow Jones tanked 2.29% while NASDAQ moved 1.64% lower.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices started this week’s trading with losses but might recover some losses as SGX Nifty was trading over 50 points higher during the early hours of trading. S&P BSE Sensex and NSE Nifty 50 slipped over 1.3% each on Monday, erasing all gains made during the previous week. Asian peers were seen trading with losses on Tuesday morning, except KOSPI and KOSDAQ which were up with gains. On Wall Street, S&P 500 dropped the most in a month on Monday. Dow Jones tanked 2.29% while NASDAQ moved 1.64% lower.
Kishore Biyani-led Future Retail on Monday hinted that it could be challenging the arbitration order that has put a hold on its Rs 24,713 crore asset sale to Reliance Industries. Future Retail said that it is examining the interim order and it has to be tested under the provisions of Indian Arbitration Act in an appropriate forum. Amazon has alleged that Future Retail’s deal with Reliance Industries breaches its pre-existing contract. Amazon had acquired a minority stake in Future Retail last year. Stocks of RIL fell over 3% on Monday while those of Future Retail were down 5%.
Highlights
A total of 37 companies including Bharti Airtel, Tata Motors, Amara Raja Batteries, Castrol India, Ceat, ICICI Prudential Life Insurance Company, Nippon Life India Asset Management, Sanofi India and SKF India are scheduled to announce their July-September quarter earnings.
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JSW Steel, the country’s second-largest steel maker, believes the worst is over, as there is an all-round improvement in demand across user industries, led by the automobile sector.
Seshagiri Rao, joint managing director and group CFO, JSW Steel told FE that while it may still take some time for demand to come up to last year’s levels, sequential and month-on-month improvement in demand from the industry was encouraging.
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Following a heavy selling pressure on the first day of the week, BSE Sensex and Nifty 50 are likely to open in the positive territory. In the previous session, Sensex plunged 540 points or 1.33 per cent, while the Nifty 50 declined 162.2 points or 1.36 per cent. In today’s session, market participants will keenly watch July-September quarter earnings, rising coronavirus cases, oil prices, rupee movement and other global cues.
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The Sensex 50 contracts crossed the daily trading turnover of Rs 2 lakh crores for the second time. The exchange recorded turnover of Rs 2,08,658 crores on October 26, 2020 in Equity Derivatives segment, on back of a increased volatility in the equity market. The previous daily high turnover Rs 2,00,390 crores was recorded on October 13, 2020. The launch of BSE Sensex 50 contracts with unique Monday expiry on 29 June 2020 has enabled traders, individual investors and hedgers to cost-effectively manage their equity risk.
Indian Railway Finance Corporation (IRFC) has filed papers with markets regulator Sebi to float an initial public offering of over 178 crore shares. According to an addendum to the draft red herring prospectus filed with Sebi on Friday, the IPO would see sale of 1,782,069,000 equity shares. This includes a fresh issue of 1,188,046,000 equity shares and an offer for sale of 59.4 crore equity shares by the Government of India.
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"Overall, we might see some volatility in the market until the U.S. Presidential Election ends. At present, Nifty seems to have support placed at 11650 & 11600 levels, whereas resistance is placed at 11950/12000 levels. If the benchmark index violates the support of 11600, it may resume the downswing with an initial target of 11500/11400 levels," said Sumeet Bagadia, Executive Director, Choice Broking.
In what could be a long drawn legal battle ahead, the Kishore Biyani-led Future Retail on Monday hinted at challenging an arbitration order that put a temporary hold on its Rs 24,713-crore deal to sell assets to Reliance Industries. Future Retail said it wasn’t party to the agreement under which Amazon.com had invoked arbitration proceedings and therefore actions taken by its board cannot be held back in arbitration proceedings.
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