India’s Nifty Futures Rise as Benchmarks Head for Weekly Advance

Indian stock-index futures rose as benchmark gauges headed for a second weekly advance.

SGX CNX Nifty Index futures for August delivery added 0.2 percent to 7,919.5 at 9:43 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) gained 0.2 percent to 7,891.10 yesterday. The measure has climbed 1.3 percent this week. The S&P BSE Sensex (SENSEX) also increased 0.2 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 0.6 percent.

The MSCI Asia Pacific Index (MXAP) rose today before Federal Reserve Chair Janet Yellen speaks today at a symposium in Jackson Hole, Wyoming also being attended by European Central Bank President Mario Draghi and Bank of Japan Governor Haruhiko Kuroda. Investors are looking for clues to the timing of U.S. interest-rate increases. Foreign funds were net buyers of Indian stocks for a fifth straight day on Aug. 20, according to data compiled by Bloomberg.

“The market will be watching developments from Jackson Hole for the near term,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail.

Foreign investors bought $50.4 million of Indian shares on Aug. 20, extending this year’s inflow to $12.6 billion, the most among eight Asian markets tracked by Bloomberg.

The Sensex has jumped 25 percent this year and is valued at 15.4 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.3.

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

To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Matthew Oakley, Chan Tien Hin

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.