Indian Nifty Stock-Index Futures Rise Before Derivatives Expiry

Indian (SENSEX) stock-index futures climbed before the expiry of derivatives contracts today.

SGX CNX Nifty Index futures for January delivery added 0.1 percent to 6,349 at 9:23 a.m. in Singapore. The December contract was unchanged at 6,293. The underlying CNX Nifty (NIFTY) Index lost 0.3 percent to 6,268.40 on Dec. 24. The S&P BSE Sensex declined 0.3 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares rose 0.1 percent.

Futures contracts in India expire on the last Thursday of every month. The Sensex has climbed 8.3 percent this year, climbing to a record on Dec. 9, and trades at 13.5 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s 10.4 times.

“Markets are near all-time highs and therefore some consolidation may be seen,” said Paras Bothra, vice president for equity research at Ashika Stock Broking Ltd. “Stocks are fairly valued for the near term.”

Global investors bought a net $ 134.6 million of local shares on Dec. 20, data from the market regulator showed. That took this year’s inflow to $ 19.7 billion, the most in Asia after Japan.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

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