India’s Nifty Futures Rise After Index at Record Before Expiry

Indian stock-index futures gained before monthly derivatives contracts expire today.

SGX CNX Nifty Index (NIFTY) futures for August delivery rose 0.2 percent to 7,950 at 9:46 a.m. in Singapore. The most-active September contract added 0.1 percent to 7,995. The underlying CNX Nifty Index and the benchmark S&P BSE Sensex (SENSEX) both climbed 0.4 percent to records yesterday. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 0.7 percent, also to an all-time high.

Indian derivatives contracts expire on the last Thursday of every month. Benchmark indexes rose yesterday as international investors extended this year’s net purchases of Indian stocks to $ 12.9 billion, the most among eight Asian markets tracked by Bloomberg. Data tomorrow may show gross domestic product expanded at the fastest pace in more than two years in the quarter ended June 30.

“If Friday numbers turn out better than consensus, this will set the tone for the near term,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail.

Indian GDP (INQGGDPY) grew 5.5 percent in the June quarter, according to the median estimate of 45 economists surveyed by Bloomberg. That compares with 4.6 percent in the previous three months.

Foreign funds bought a net $ 109.9 million of Indian stocks on Aug. 26, a ninth straight day of inflows, according to data compiled by Bloomberg.

The Sensex has advanced 2.6 percent in August, heading for a seventh straight monthly gain, and is valued at 15.5 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.4.

The Indian gauge has jumped 26 percent this year, the best performer among the world’s 10 biggest markets in 2014.

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

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