India’s Nifty Futures Gain Before Inflation, Production Reports

(Corrects to remove paragraph on Cadila Healthcare.)

Indian stock-index futures gained before the government releases consumer-price inflation and industrial output data today.

SGX CNX Nifty Index (NIFTY) futures for October delivery rose 0.1 percent to 8,410.5 at 11:37 a.m. in Singapore. The underlying CNX Nifty Index added 0.2 percent to a record 8,362.65 yesterday. The S&P BSE Sensex (SENSEX) increased 0.1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 0.4 percent.

Consumer prices may have risen 5.67 percent in October, the slowest pace since the index began in January 2012, according to the median estimate of 39 analysts in a Bloomberg survey. Reserve Bank of India Governor Raghuram Rajan has made cutting retail inflation the cornerstone of his monetary policy, raising the benchmark interest rate three times between September 2013 and January. The next meeting is on Dec. 2.

“Inflation data will define the trajectory for the market, and the room for the RBI to lower interest rates,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday.

The government also releases industrial production data today. Factory output rose 0.8 percent from a year earlier in September, according to the median estimate of 41 economists in a Bloomberg survey. It climbed 0.4 percent in August.

Tata Steel

Tata Steel Ltd., the nation’s largest producer, may report today that second-quarter profit fell 24 percent from a year earlier to 7 billion rupees ($ 113.7 million), according to the median estimate of 21 analysts in a Bloomberg survey.

Sixteen of the 21 Sensex companies that have reported earnings so far have beaten or matched estimates.

Global investors bought a net $ 62.1 million of domestic shares on Nov. 10, taking this year’s inflow to $ 14.9 billion, the most among eight Asian markets tracked by Bloomberg.

The Sensex has increased 32 percent this year, the best performer among the world’s 30 biggest markets, and is valued at 15.6 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at

To contact the editors responsible for this story: Michael Patterson at Ravil Shirodkar

SGX Nifty

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