India’s Nifty Futures Rise After Indexes Cap 2013 Gain on Inflow

Indian (SENSEX) stock-index futures gained after benchmark indexes capped their fourth annual advance in five years.

SGX CNX Nifty (NIFTY) Index futures for January delivery rose 0.3 percent to 6,369 at 9:27 a.m. in Singapore. The underlying CNX Nifty Index fell less than 0.1 percent to 6,301.65 yesterday. The S&P BSE Sensex fell 0.1 percent to 21,140.48.

The Sensex climbed 9 percent in 2013, the biggest gain among the four largest emerging markets, as international investors poured $ 20 billion into Indian stocks. The Sensex will probably climb to 23,200 in 2014, about 9.6 percent higher than the close on Dec. 31, 2013, according to the average of eight analysts’ predictions compiled by Bloomberg.

“We are mildly optimistic for next three months,” Sudip Bandyopadhyay, chief executive officer of Destimoney Securities Pvt. in Mumbai, said by phone.

The Sensex’s advance in 2013 compares with a 1.9 percent gain in Russia’s Micex Index, a 6.8 percent drop in the Shanghai Composite Index and a 16 percent retreat in Brazil’s Ibovespa.

Foreign funds bought a net $ 44.3 million of local shares on Dec. 31, capping the largest annual inflow after Japan among 10 Asian markets tracked by Bloomberg. Net purchases in 2012 were $ 24.6 billion, according to data compiled by Bloomberg.

The Sensex is trading at 13.5 times projected 12-month earnings, compared with the five-year average multiple of 14.3. The MSCI Emerging Markets Index is valued at 10.5 times.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at

To contact the editor responsible for this story: Michael Patterson at

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