Indian (SENSEX) stock-index futures gained after benchmark indexes posted their second weekly advance. The Sensex has climbed 9.1 percent this year, the best performer among the four largest emerging markets.
SGX CNX Nifty Index futures for January delivery rose 0.2 percent to 6,376.5 at 9:34 a.m. in Singapore. The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. climbed 0.6 percent to 6,313.80 on Dec. 27. The S&P BSE Sensex added 0.6 percent to 21,193.58. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 1.1 percent to 1,169.38.
India’s top software makers, which get more than 90 percent of their sales from abroad, are among the top four performers on the Sensex in 2013 as an 11 percent decline in the rupee and improving economic growth in developed nations boosts the outlook for exporters.
“An expected continuing recovery in the U.S. should help modest gains’’ for exports, Dipak Acharya, fund manager at Baroda Pioneer Asset Management Co., said in an e-mail interview.
Global investors bought a net $ 126.5 million of local shares on Dec. 26, taking this year’s inflows to $ 19.9 billion, the most in Asia after Japan, data from the market regulator show. Net purchases last year were $ 24.6 billion, data compiled by Bloomberg show.
The Sensex trades at 13.6 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s 10.5 times.
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
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