Nifty stock-index futures gained as the underlying gauge rose to a record and foreign investors bought the most Indian shares in four months.
SGX CNX Nifty Index futures for November delivery rose 0.2 percent to 8,403 at 9:35 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) added 0.1 percent to 8,344.25 yesterday. The S&P BSE Sensex (SENSEX) was little changed. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 0.2 percent.
International investors bought a net $ 483.7 million of Indian stocks on Nov. 7, data showed yesterday. That extended this year’s purchases to $ 14.85 billion, the most among eight Asian markets tracked by Bloomberg.
“Markets are still upbeat and India is still attracting foreign inflows,” Hiren Dhakan, an associate fund manager at Bonanza Portfolio Ltd., wrote in an e-mail yesterday.
Power Grid Corp of India Ltd., the state-run utility that transmits about half the electricity generated in the nation, may report today that second-quarter profit rose 3 percent from a year earlier to 12.8 billion rupees ($ 208 million), according to the median estimate of 29 analysts in a Bloomberg survey.
Shares of Jain Irrigation Systems Ltd. (JI), India’s largest irrigation-equipment maker, may be active. The company reported a quarterly loss of 235.9 million rupees, compared with a forecast 121 million profit.
The Sensex has increased 32 percent this year, the best performer among the world’s 30 biggest markets, and is valued at 15.6 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.
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