July 28 (Bloomberg) -- Indian stock-index futures were little changed before companies including Larsen & Toubro Ltd. and Hindustan Unilever Ltd. report quarterly results.
SGX CNX Nifty Index futures for July delivery rose less than 0.1 percent to 7,794 at 10:35 a.m. in Singapore after falling as much as 0.3 percent earlier. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. lost 0.5 percent to 7,790.45 on July 25. The S&P BSE Sensex declined 0.6 percent to 26,126.75, ending an eight-day rally, its longest since September 2012. The Bank of New York Mellon India ADR Index of U.S.-traded shares dropped 1.2 percent.
Five of the eight Sensex companies that reported earnings for the April-to-June period so far have matched or beaten analyst estimates. The measure has surged 23 percent this year, the best performer among the world’s 10 biggest markets, as local equities received Asia’s largest foreign fund inflows.
“We expect the markets to remain volatile and susceptible to the full outcome of the earnings season,” Rakesh Goyal, senior vice president at Bonanza Portfolio Ltd., wrote in an e-mail.
Larsen & Toubro, India’s largest engineering company, will say its fiscal first quarter net income rose 5.9 percent to 8 billion rupees ($133 million), according to the average of 30 analyst estimates in a Bloomberg survey.
Hindustan Unilever will report a 5.5 percent drop in profit for the three months ended June 30 to 9.64 billion rupees, according to the average of 32 estimates in a Bloomberg survey.
The Sensex trades at 15.5 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.9. Foreign investors bought $61.1 million of local stocks on July 24, taking this year’s inflows to $12.1 billion, the most in Asia.
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