Indian stock-index futures gained before the expiry of monthly derivatives contracts tomorrow and the release of quarterly economic growth data on Aug. 29.
SGX CNX Nifty Index futures for August delivery rose 0.4 percent to 7,939 at 9:43 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) lost less than 0.1 percent to 7,904.75 yesterday. The S&P BSE Sensex (SENSEX) was little changed. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.7 percent.
Indian derivatives contracts expire on the last Thursday of every month. Gross domestic product may have expanded 5.6 percent in the quarter ended June, the fastest pace since the three months through March 2012, according to the median estimate of 32 economists surveyed by Bloomberg.
“Any signal of domestic economic growth gaining momentum can fuel further buying from domestic and foreign institutional investors,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail.
Foreign investors bought a net $ 24.5 million of Indian stocks on Aug. 25, extending this year’s inflow to $ 12.8 billion, the most among eight Asian markets tracked by Bloomberg.
The Sensex has jumped 25 percent this year and is valued at 15.5 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.4.
To contact the reporter on this story: Santanu Chakraborty in Mumbai at firstname.lastname@example.org
To contact the editors responsible for this story: Michael Patterson at email@example.com Matthew Oakley, Chan Tien Hin