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India’s Nifty Futures Rise Before Industrial Output, Price Data

Indian stock-index futures gained after the equity gauges fell from a record and before the release of industrial output and inflation figures today.

SGX CNX Nifty Index futures for June delivery rose 0.1 percent to 7,625.5 at 10:13 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. fell 0.4 percent to 7,626.85 yesterday. The S&P BSE Sensex dropped 0.4 percent to 25,473.89, retreating from an all-time high. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 1.5 percent to 1,336.34.

The Sensex has risen 20 percent this year, fueled by foreign fund inflows amid optimism Prime Minister Narendra Modi’s government will take measures to boost economic growth and help cool Asia’s fastest consumer-price inflation. The nation’s central bank has said policy tightening won’t be warranted if consumer-price inflation stays on course to hit 8 percent in January 2015 and 6 percent a year later.

“Foreign institutional investor buying in the equity segment and hopes that the new government shall soon implement much needed economic reforms are keeping the index in higher territory,”​Nidhi Saraswat, senior research analyst at Bonanza Portfolio Ltd., wrote in an e-mail yesterday.

Government data due today may show that India’s factory output in April rose 1.9 percent, compared with a contraction of 0.5 percent a month earlier, according to the median estimate of 40 economists in a Bloomberg survey.

Consumer-price inflation probably declined to 8.4 percent last month from a year earlier, compared with 8.6 percent in April, a Bloomberg survey of 38 analysts showed.

Foreigners have bought a net $9.3 billion of local shares this year, the most among eight Asian markets tracked by Bloomberg, on optimism the new government will boost efforts to revive economic growth.

The Sensex trades at 15.7 times projected 12-month profits, the most expensive in more than three years, and compares with the MSCI Emerging Markets Index’s multiple of 11.

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