⁍ Indian shares inched lower on Monday as Reliance Industries fell after an arbitration panel put its deal for Future Group assets on hold.
⁍ The Nifty metals index fell 1.8%, as JSW Steel missed quarterly profit estimates.
– Asian markets were mixed on Monday as US Secretary of State Mike Pompeo arrived in India in a bid to strengthen ties between the two countries, Reuters reports. Broader Asian shares were mixed as surging coronavirus cases across Europe and the United States worried investors. Indian shares inched lower on Monday as Reliance Industries fell after a Singapore arbitration panel put its deal for Future Group assets on hold and metal stocks declined. The NSE Nifty 50 index fell 0.2% to 11,906.15 by 0354 GMT, while the S&P BSE Sensex was down 0.18% at 40,615.49. Dragging the market, Reliance fell 1.9% after e-commerce giant Amazon.com Inc won an interim order to pause Future Group’s $3.38 billion asset sale to India’s most valuable company. Amazon has alleged the deal breached the terms of its stake purchase in Future Coupons Ltd, which owns a 7.3% stake in Future Retail. Shares of Future Retail were down 5.2%. “The immediate sentiment from the arbitration is negative and investors are waiting for final clarity on the deal,” said Anita Gandhi, a director at Arihant Capital Markets in Mumbai.
Source: https://www.reuters.com/article/india-stocks/sensex-nifty-fall-as-reliance-metal-stocks-weigh-idUSKBN27B0AA