India’s Nifty Futures Swing After Benchmarks Drop From Records

Indian stock-index futures swung between gains and losses after benchmark gauges fell for the first time in three days yesterday.

SGX CNX Nifty Index futures for June delivery lost 0.1 percent to 7,406.5 at 9:23 a.m. in Singapore. The underlying CNX Nifty Index fell 0.2 percent to 7,402.25 yesterday, retreating from a record. The S&P BSE Sensex (SENSEX) also dropped 0.2 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares declined 0.8 percent.

The Sensex has advanced 17 percent this year amid optimism the Bharatiya Janata Party alliance led by Narendra Modi would spur growth in Asia’s third-largest economy, culminating in a victory at the polls last month that handed Modi the country’s strongest electoral mandate in 30 years. The new government announces its first budget in July.

“Over the next month or so until the budget we expect the market to remain range-bound,” Manishi Raychaudhuri, head of Indian equity research at BNP Paribas Securities (Asia) Ltd., said in interview with Bloomberg TV India yesterday.

State-run miner NMDC Ltd. (NMDC) may be active today. The company has raised iron-ore prices by between 250 rupees and 300 rupees a ton for June, the Press Trust of India reported, without saying where it got the information.

The Sensex is valued at 15.3 times projected 12-month earnings, near the most expensive level since April 2011. The MSCI Emerging Markets Index is trading at a multiple of 10.8.

Overseas investors bought a net $ 49.2 million of Indian shares on June 2, taking this year’s inflows to $ 8.1 billion, the most among eight Asian markets tracked by Bloomberg.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Matthew Oakley, Phani Varahabhotla

SGX Nifty

sgxnifty.org@imediaone.com

You may also like...

Rules of Discussion on India’s Nifty Futures Swing After Benchmarks Drop From Records

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean