Indian stock-index futures were little changed as valuations jumped after the benchmark equity gauges climbed for a seventh straight month.
SGX CNX Nifty Index (NIFTY) futures for September delivery fell less than 0.1 percent to 8,026.5 at 10:47 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. rose 0.2 percent to 7,954.35 on Aug. 28. The S&P BSE Sensex (SENSEX) gained 0.3 percent. Indian equity markets were closed on Aug. 29 for a holiday. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 0.8 percent.
The Sensex capped its longest streak of monthly advances since 2007 in August, stretching its valuation to 15.5 times projected 12-month earnings, compared with a five-year average of 14.5 times. India’s gross domestic product increased 5.7 percent in the three months ended June from a year earlier, beating estimates, government data showed Aug. 29.
“The Reserve Bank of India may not cut rates this year as growth seems to be rebounding from the lows,” Rajendra Wadher, director at PRB Securities Ltd., said in a phone interview.
The quarterly growth accelerated from a 4.6 percent expansion in the three months to March and compared with a 5.5 percent median estimate in a survey of 48 analysts.
International investors bought a net $ 88 million of Indian stocks on Aug. 27, extending this year’s inflow to $ 13 billion, the most among eight Asian markets tracked by Bloomberg. The Sensex has jumped 26 percent this year and is the best performer among the world’s 10 biggest markets.
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