Indian (SENSEX) stock-index futures fell after benchmark indexes rose by the most in a month yesterday.
SGX CNX Nifty Index futures for November delivery lost 0.2 percent to 6,217.5 at 10:29 a.m. in Singapore after rising as much as 0.4 percent. The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. gained 2.2 percent to 6,189 yesterday, the largest advance since Oct. 18. The S&P BSE Sensex also increased 2.2 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares rose for a fourth day, adding 1.3 percent.
The Sensex jumped yesterday amid speculation capital inflows will accelerate as the U.S. Federal Reserve maintains record monetary stimulus. International investors have bought a net $ 607.7 million of Indian stocks in November, extending $ 4.9 billion in purchases in the previous two months. The MSCI Asia Pacific Index traded near a two-week high.
The Sensex has gained 7.3 percent this year and is valued at 13.7-times projected 12-month profits, compared with the MSCI Emerging Markets Index’s 10.7 times.
Net incomes at 21 of the 30 companies in the Sensex exceeded analyst estimates for the three months ended Sept. 30, according to data compiled by Bloomberg. About 47 percent of the 30 index members missed forecasts in the previous quarter.
Shares of Hindustan Motors Ltd. (HM) may move. The company reported quarterly profit of 2.9 million rupees ($ 46,463) yesterday, swinging from a loss of 301 million rupees a year earlier, helped by a one-time gain of 316.7 million rupees.
Infosys Ltd. (INFO), India’s second-largest software services exporter, may be active. Stephen Pratt, the company’s head of utilities and resources for North America, resigned effective Jan. 31, according to an exchange filing in the U.S. yesterday.
To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net
To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net