India’s Nifty Futures Rise as Index Climbs to Record on Inflows

Indian stock-index futures gained after benchmark indexes advanced to records amid the biggest monthly inflow into the nation’s shares since December 2012.

SGX CNX Nifty Index futures for April delivery rose 0.2 percent to 6,812 at 9:54 a.m. in Singapore. The underlying CNX Nifty Index climbed 0.5 percent to 6,752.55 yesterday, setting a record high for an eighth straight day. The S&P BSE Sensex (SENSEX) also increased 0.5 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.8 percent.

International investors bought a net $ 4.16 billion of Indian shares in March, according to data compiled by Bloomberg. Foreign funds extended purchases of Indian assets last month as inflation cooled, the government forecast smaller budget and current-account shortfalls, and before parliamentary elections that begin April 7.

“An improving current account deficit and overseas fund buying are major positives,” Akash Dharia, head of derivatives at ICICI Securities Ltd., wrote in an e-mail. “Falling inflation and strong expectations of a pro-development government is helping boost sentiments.”

The main opposition Bharatiya Janata Party, favored by investors seeking a change to revive the economy, will win the most seats in the election while falling short of a majority, opinion polls show. Subdued growth, rising vegetable prices and graft scandals have put the Congress Party’s decade-long rule in jeopardy. Results will be announced May 16.

The Sensex has climbed 6.5 percent this year and trades at 14.2 times projected 12-month earnings. The MSCI Emerging Markets Index is valued at 10.1 times.

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

To contact the editors responsible for this story: Michael Patterson at Matthew Oakley, Chan Tien Hin

SGX Nifty

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