India’s Nifty Futures Drop After Indexes Decline Most in 3 Weeks

Indian stock-index futures dropped after benchmark gauges fell by the most since July 11 yesterday amid a global equity selloff.

SGX CNX Nifty Index (NIFTY) futures for August delivery declined 0.7 percent to 7,691 at 10:05 a.m. in Singapore. The underlying CNX Nifty Index slid 0.9 percent to a 7,721.30 yesterday, the biggest loss since July 11. The S&P BSE Sensex (SENSEX) retreated 0.7 percent. The Bank of New York Mellon India ADR Index of U.S.- traded lost 1.7 percent.

The Sensex gained 1.9 percent in July, a sixth monthly advance and the longest winning streak since the eight months through January 2007. The MSCI Asia Pacific Index fell today, extending a global selloff amid weaker-than-forecast corporate earnings in the U.S. and fresh concerns over credit markets.

“Weak global cues are keeping investor sentiment subdued,” said Suniil Pachisia, vice president at Pratibhuti Viniyog Ltd., said by phone today.

Bharat Heavy Electricals Ltd. (BHEL) may report today that net income fell 29 percent from a year earlier in the three months ended June to 3.28 billion rupees ($ 54.2 million), according to the median estimate of 35 analysts in a Bloomberg survey.

Ten of the 16 Sensex companies that have announced results so far for the June quarter have beaten or matched forecasts.

The Sensex has surged 22 percent this year, the best performer among the world’s 10 biggest markets, and is valued at 15.4 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.

International investors sold $ 45.9 million of local stocks on July 28, the first net outflow in 10 days. That pared this year’s purchases to $ 12.1 billion, still the most among eight Asian markets tracked by Bloomberg.

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

You may also like...

Rules of Discussion on India’s Nifty Futures Drop After Indexes Decline Most in 3 Weeks

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 strictly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Members are requested to flag any violations to keep Forum Clean.

Loading comments …