Indian (SENSEX) stock-index futures gained after the benchmark index advanced the most in a month.
SGX CNX Nifty Index futures for December delivery rose 0.2 percent to 6,316 at 10 a.m. in Singapore. The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. advanced 1.7 percent to 6,274.25 on Dec. 20. The benchmark S&P BSE Sensex closed 1.8 percent higher at 21,079.72 after rising the most since Nov. 18. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.9 percent to 1,151.94.
The MSCI Asia Pacific Index climbed 0.2 percent after the International Monetary Fund said it was raising the U.S. economic growth forecast. A budget deal in Washington and the Federal Reserve’s plan to taper its bond buying will allow a new growth estimate, IMF Managing Director Christine Lagarde said yesterday without specifying new figures.
“Positive foreign flows after the taper announcement are supporting sentiment,” Dipen Shah, head of private client group research at Kotak Securities Ltd., wrote in an e-mail. “With the two major decisions by central banks out of the way, markets will now be guided by further announcements of the taper and implementation of the same, political expectations and corporate performance.”
The Sensex has climbed 8.5 percent this year, the best performer among the four largest emerging markets, and trades at 13.6 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s 10.6 times.
Global investors bought a net $ 357.8 million of local shares on Dec. 19, taking this year’s inflows to $ 19.6 billion, the most in Asia after Japan, data from the market regulator show.
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