India Nifty Stock Futures Fall After Decline for Global Equities

Indian (SENSEX) stock-index futures fell, joining global equity declines after the Standard & Poor’s 500 Index posted its biggest loss in two months.

SGX CNX Nifty Index futures for January delivery dropped 0.6 percent to 6,271 at 10:11 a.m. in Singapore. U.S. stocks slid yesterday as investors weighed equity valuations and the outlook for the Federal Reserve’s stimulus.

Consumer prices in India rose 9.87 percent in December, compared with a revised 11.16 percent for November, the Central Statistics Office said yesterday. The government will release a wholesale-price inflation report tomorrow, with economists surveyed by Bloomberg estimating the rate slowing to 6.99 percent last month from November’s 7.52 percent.

“Lower inflation print will have a bearing on the Reserve Bank of India’s monetary policy decision later this month,” Dipen Shah, head of private client group research at Kotak Securities Ltd., said by e-mail.

The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. rose 1.6 percent to 6,272.75 yesterday. The S&P BSE Sensex gained 1.8 percent to 21,134.21, the most since Nov. 25. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 0.4 percent to 1,176.10.

Central bank Governor Raghuram Rajan last month surprised economists by holding the benchmark rate at 7.75 percent instead of adding to increases totaling 50 basis points since taking office in September. The authority meets for its next policy review on Jan. 28.

Global investors bought a net $ 16.2 million of local shares on Jan. 10, according to data compiled by Bloomberg. They invested $ 20 billion last year, the most in Asia after Japan.

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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