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India’s Sensex Climbs Most in a Week Before Derivatives Expiry

Indian (SENSEX) stocks advanced, with the benchmark index poised for a second year of gains, before the expiry of derivatives contracts today.

Sun Pharmaceutical Industries Ltd. (SUNP) rose 1 percent, helping a gauge of drugmakers climb to a record high. Power-equipment maker Bharat Heavy Electricals Ltd. (BHEL) surged to a five-month high.

The S&P BSE Sensex rose 0.2 percent at 21,074.25 at 9:44 a.m. in Mumbai, headed for biggest gain since Dec. 20. Futures contracts in India expire on the last Thursday of every month. The stock gauge has risen 8.3 percent this year, climbing to a record on Dec. 9, as growing exports boosted company profits and the Federal Reserve’s stimulus program spurred foreigners to buy a net $19.7 billion of shares, the most in Asia after Japan. The Sensex is valued at 13.5 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s 10.4 times, data compiled by Bloomberg show.

The CNX Nifty (NIFTY) Index gained 0.1 percent to 6,276.40.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

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