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India’s Nifty Futures Rise Before Infosys Earnings, Inflation

Indian stock-index futures gained before Infosys Ltd. announces quarterly earnings and the government releases monthly inflation data today.

SGX CNX Nifty Index futures for April delivery rose 0.3 percent to 6,612.19 at 9:45 a.m. in Singapore. The underlying CNX Nifty Index fell 0.3 percent to 6,776.30 on April 11. The S&P BSE Sensex declined 0.4 percent to 22,628.96. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 2.2 percent yesterday, the most since March 4.

Infosys, India’s second-largest software services exporter, may report profit grew 17 percent from a year earlier in the quarter ended March 31, according to a Bloomberg survey. Consumer and wholesale price growth may have quickened for the first time in four months, separate surveys showed.

“Inflation numbers and Infosys fourth-quarter results will be decisive factors for market trend,” Nidhi Saraswat, an analyst with Bonanza Portfolio Ltd., wrote in an e-mail.

Infosys profit may have risen to 28 billion rupees ($465.3 million) in the three months ended March 31, from 23.9 billion rupees a year earlier, according to the median of 39 analysts estimates compiled by Bloomberg.

About 73 percent of the 30 Sensex companies that reported earnings for the December quarter beat or matched estimates.

Data today may show consumer inflation accelerated to 8.25 percent in March, from 8.1 percent the previous month, according to the median estimate of 39 analysts in a Bloomberg survey. Wholesale prices grew 5.3 percent, compared with a 4.68 percent in February, a separate survey showed.

The MSCI Asia Pacific Index rose for the first time in three days today after data showed yesterday that U.S. retail sales grew in March by the most since September 2012.

The Sensex has climbed 6.9 percent this year and trades at 14.3 times projected 12-month profits. The MSCI Emerging Markets Index has risen 1.9 percent in 2014 and is valued at 10.4 times.

Overseas investors bought a net $68.3 million of Indian shares on April 10, taking inflows this year to $4.83 billion, the highest among eight Asian markets tracked by Bloomberg.

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