At 12:26 IST, the barometer index, the S&P BSE Sensex, tumbled 363.75 points or 0.89% at 40,321.63. The Nifty 50 index slipped 116.3 points or 0.97% at 11,814.20.
The broader market traded with losses. The S&P BSE Mid-Cap index was down 1.43% while the S&P BSE Small-Cap index fell by 0.6%.
Sellers outpaced buyers. On the BSE, 976 shares rose and 1438 shares fell. A total of 173 shares were unchanged.
COVID-19 Update:
India reported 653,717 active cases of COVID-19 infection and 119,014 deaths while 7,137,228 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 42,926,013 with 1,152,990 deaths, according to data from Johns Hopkins University.
RBI Governor Shaktikanta Das on Sunday tweeted that he has been tested positive for COVID-19 but he is asymptomatic. He assured that work in RBI will go on normally.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.89% to 22.6775. The Nifty October 2020 futures were trading at 11,831, at a discount of 13.8 points compared with the spot at 11,844.80.
The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 53.25 lakh contracts at the 12,000 strike price. Maximum Put OI of 40.74 lakh contracts was seen at 10,500 strike price.
Buzzing Segment:
Shares of Future Group Companies tumbled on Monday after Amazon.com won an interim award against the Future Group, placing the Future-Reliance Retail deal on hold.
Future Lifestyle (down 7.74%), Future Enterprises (down 4.99%), Future Supply (down 4.95%), Future Consumer (down 4.92%) and Future Retail (down 3.6%) declined.
The Singapore International Arbitration Centre (SIAC) passed an interim order asking Future Group to hold its sell-out plans to Reliance Group and wait for the final judgment on the plea filed by Amazon. The US-based retail giant had filed an arbitration petition with SIAC claiming that Future Group breached the contract under which the US online giant took an indirect stake in their retail business in 2019.
In a BSE filing made before market hours today, Future Retail said it was examining the communication and the order received from the Singapore International Arbitration Centre (SIAC).
RIL's subsidiary Reliance Retail Ventures (RRVL) said that it had entered into the transaction for acquisition of assets and business of Future Retail under proper legal advice and the rights and obligations are fully enforceable under Indian Law.
RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay, it added.
Shares of Reliance Industries were down 2.44% at Rs 2061 on BSE.
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