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India’s Nifty Futures Fall After Benchmarks Drop for Second Day

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Aug. 8 (Bloomberg) -- Indian stock-index futures dropped after benchmark gauges declined for a second day yesterday, paring a weekly advance.

SGX CNX Nifty Index futures for August delivery fell 0.7 percent to 7,615 at 9:45 a.m. in Singapore. The underlying CNX Nifty Index slid 0.3 percent to 7,649.25 yesterday. The S&P BSE Sensex declined 0.3 percent. The gauge has risen 0.4 percent this week. The Bank of New York Mellon India ADR Index of U.S.- traded shares lost 0.2 percent.

The MSCI Asia Pacific Index retreated today, extending a weekly loss, as concerns over increasing tensions between the U.S., European Union and Russia overshadowed signs of improvement in the U.S. economy. President Barack Obama said he authorized air strikes against militants in Iraq if they threaten U.S. personnel in the Kurdish city of Erbil.

“The dearth of domestic news is leading Indian markets to take cues from global events,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail.

State Bank of India, India’s biggest lender, may report profit of 32.5 billion rupees ($531 million) in the quarter ended June, according to the median forecast of 31 analysts in a Bloomberg survey.

Tractor maker Mahindra & Mahindra Ltd. may report profit of 8.33 billion rupees in the quarter ended June, according to the median of 31 analyst estimates.

Nine of the 17 Sensex companies that have announced results so far for the June quarter have beaten or matched forecasts.

Foreign investors bought $52.7 million of local stocks on Aug. 6, taking this year’s inflows to $11.8 billion, the most among eight Asian markets tracked by Bloomberg.

The Sensex has jumped 21 percent this year and is valued at 15.2 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.

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, Phani Varahabhotla

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