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India’s Nifty Index Futures Decline Before Derivatives Expiry

Indian stock-index futures dropped as overseas funds sold shares before the expiry of derivatives contracts today.

SGX CNX Nifty Index futures for May delivery fell 0.3 percent to 7,309 at 10:04 a.m. in Singapore. The most-active June contract lost 0.4 percent to 7,327.5. The CNX Nifty Index rose 0.2 percent to 7,329.65 yesterday. The S&P BSE Sensex gained less than 0.1 percent to 24,556.09. The gauge has jumped 9.5 percent this month, poised for the biggest advance since January 2012. The Bank of New York Mellon India ADR Index of U.S.-traded shares slid 1.1 percent.

International investors sold a net $37.8 million of Indian shares on May 27, a second day of outflows. They have bought $7.6 billion of the country’s stocks this year, the most in Asia. Indian futures and options contracts expire on the last Thursday of every month.

“Foreign institutional investors have been sellers for the past couple of days and investors are trimming positions in selected counters ahead of the May expiry,” Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday.

Shares of Hero Motocorp Ltd. may be active. The motorcycle maker reported profit of 5.54 billion rupees ($94 million) for the quarter ended March 31, compared with the 5.26 billion-rupee median estimate of analysts in a Bloomberg survey.

Earnings Reports

Tata Motors Ltd., the owner of luxury carmaker Jaguar Land Rover, will report its quarterly earnings today. The company and its units may say full-year profit rose 49 percent to 147.8 billion rupees, according to the median of 21 analyst estimates compiled by Bloomberg.

The Mumbai-based company yesterday warned it may not report standalone profit for the year ended March 31. A prolonged economic slowdown, high interest rates, rising fuel costs and stagnant freight rates impacted the company, it said in a stock exchange filing.

Oil & Natural Gas Corp., India’s largest state-owned oil explorer, may announce quarterly net income rose 62 percent to 54.83 billion rupees, according to the median of 27 forecasts.

Coal India Ltd., the world’s biggest producer of the fuel, may say fourth-quarter profit fell 8.6 percent to 49.49 billion rupees, according to a survey of 31 analysts.

Net income at Bharat Heavy Electricals Ltd., India’s biggest power-equipment maker, may have tumbled 47 percent to 17.21 billion rupees, according to 33 analyst estimates. The stock has rallied 41 percent this year amid speculation the company will benefit from increased infrastructure spending by the new Narendra Modi-led government.

Sun Pharmaceutical Industries Ltd., India’s most valuable drugmaker, may say quarterly profit climbed 34 percent to 13.54 billion rupees, according to 34 analysts.

Fourteen out of the 20 Sensex companies that have posted earnings so far have beaten or matched estimates. About 73 percent of results beat forecasts in the previous quarter.

The Sensex has climbed 16 percent this year, the second-best performer in Asia after Indonesia’s Jakarta Composite Index. The Indian gauge is valued at 15.1 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 10.7.

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