Indian stock-index futures gained after benchmark indexes jumped by the most in seven weeks.
SGX CNX Nifty Index futures for March delivery rose 0.6 percent to 6,365.5 at 9:55 a.m. in Singapore. The underlying CNX Nifty Index increased 1.2 percent to 6,297.95 yesterday, the biggest advance since Jan. 15. The S&P BSE Sensex (SENSEX) added 1.3 percent. The Bank of New York Mellon India ADR Index of U.S.- traded shares climbed to the highest level since July 2011.
The MSCI Asia Pacific Index rose the most in more than a week today as global equities rallied amid easing concerns over a potential Russian invasion of Ukraine. International investors were net buyers of Indian stocks for a 12th straight day on March 3, the longest stretch of inflows since November, according to data compiled by Bloomberg.
“If the Ukraine standoff is resolved at large, then the Nifty should move up,” Vinod Nair, head of research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail.
Russian President Vladimir Putin said he sees no immediate need to invade eastern Ukraine, boosting optimism that the worst crisis between Russia and the West since the end of the Cold War is calming.
Overseas funds bought a net $ 32.8 million of Indian shares on March 3, extending this year’s inflow to $ 440 million, the most in Asia after Indonesia, according to data compiled by Bloomberg. They bought $ 20 billion last year.
The Sensex has risen 0.2 percent this year and trades at 13.6 times projected 12-month earnings, compared with the average multiple of 14.5 over the past five years. The MSCI Emerging Markets Index is valued at 10.4 times.
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