Indian stock-index futures gained after benchmark indexes climbed to records yesterday.
SGX CNX Nifty Index futures for March delivery rose 0.5 percent to 6,470 at 9:41 a.m. in Singapore. The underlying CNX Nifty Index surged 1.2 percent to 6,401.15 yesterday. The S&P BSE Sensex (SENSEX) jumped 1.1 percent to 21,513.87. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 1.4 percent. One-month rupee forwards rose for a fourth day.
Benchmark stock gauges climbed yesterday after a narrowing in the nation’s current-account gap to a four-year low boosted optimism the rupee will strengthen and overseas investors increase holdings of local equities. The rupee gained to a three-month high yesterday.
Overseas funds bought a net $ 124.6 million of Indian shares on March 5, the biggest daily inflow since Jan. 15, according to data compiled by Bloomberg. That extended this year’s net purchases to $ 596 million, the second-highest in Asia after Indonesia, the data show.
The Sensex has risen 1.6 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 10.3 times.
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