Indian stock-index futures gained after benchmark gauges dropped for the first time in seven trading days yesterday.
SGX CNX Nifty Index futures for August delivery rose 0.2 percent to 7,898 at 9:45 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) lost 0.3 percent to 7,875.30 yesterday. The S&P BSE Sensex (SENSEX) fell 0.4 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares climbed 0.7 percent to a record.
Most Asian stocks rose today after the U.S. Federal Reserve signaled in minutes from its July meeting it will continue to support the economy even as it winds down bond-buying stimulus. International investors were net buyers of Indian stocks for a fourth day on Aug. 19, extending this year’s inflow to $ 12.6 billion, the most among eight Asian markets tracked by Bloomberg.
“India continues to attract foreign institutional investor funds, fueling expectation of a revival of India’s growth trajectory,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail.
Foreign investors have poured money into Indian assets this year on expectations new Prime Minister Narendra Modi will help spur an economy that grew an estimated 4.7 percent in the year ended March, close to the weakest pace in 10 years.
The Sensex has climbed 24 percent this year and is valued at 15.4 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.2.
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