India’s Nifty Futures Gain After Indexes Decline for Fifth Day


Indian (SENSEX) stock-index futures rose after benchmark indexes fell for a fifth straight day yesterday.

SGX CNX Nifty Index futures for January delivery gained 0.4 percent to 6,209 at 9:57 a.m. in Singapore. The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. fell 0.5 percent to 6,162.25 yesterday. The S&P BSE Sensex slid 0.5 percent. The Bank of New York Mellon India ADR Index of U.S.- traded shares lost 0.1 percent.

The Sensex has fallen 2.3 percent since the start of the year amid a slowdown in manufacturing output, the fastest consumer-price inflation in at least two years and economic growth that’s stayed below 5 percent for four straight quarters. Infosys Ltd. (INFO) reports results for the quarter ended Dec. 31 on Jan. 10, while the government releases industrial production data for November on the same day.

“With no triggers on the domestic or global front for the next two days, the upside on the markets is capped,” Gaurang Shah, assistant vice president at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday. “Activity is likely to pick by Friday as Infosys declares quarterly numbers and we will have the factory output numbers as well.”

Infosys may report profit of 27.5 billion rupees ($ 441 million) for the quarter ended Dec. 31, according to the median estimate of 21 analysts in a Bloomberg survey. That compares with 23.7 billion rupees in the same period a year earlier.

Industrial output in India may have expanded 1 percent in November, compared with a 1.8 percent contraction in October, according to the median estimate of 22 analysts in a Bloomberg survey.

International investors sold a net $ 41.4 million of local shares on Jan. 6, the largest outflow since Nov. 26, according to data compiled by Bloomberg. They invested $ 20 billion last year, the most in Asia after Japan, and $ 24.6 billion in 2012, the data show.

The Sensex is trading at 13 times projected 12-month earnings, compared with the five-year average of 14.4 times. The MSCI Emerging Markets Index is valued at 10.2 times.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net

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