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India’s Nifty Futures Drop After Indexes Advance for Sixth Day

Aug. 20 (Bloomberg) -- Indian stock-index futures dropped after benchmark gauges climbed for a sixth day yesterday.

SGX CNX Nifty Index futures for August delivery fell 0.2 percent to 7,898 at 10:05 a.m. in Singapore. The underlying CNX Nifty Index gained 0.3 percent to a record 7,897.50 yesterday. The S&P BSE Sensex rose 0.1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares lost 0.1 percent.

Equity indexes rose to fresh records and the rupee climbed to its strongest level this month yesterday on optimism the government is stepping up efforts to rein in the budget deficit and as international investors continued to pour money into Indian stocks. The Sensex has jumped 25 percent this year, the best performer among the world’s 10 biggest markets.

“After a vertical recovery, we expect the index to take a pause today,” Jayant Manglik, president of retail distribution at Religare Securities Ltd., wrote in an e-mail.

Foreign funds bought a net $193.8 million of local stocks on Aug. 14. They have poured $12.5 billion into local equities this year on expectations Prime Minister Narendra Modi will help spur an economy growing at near the slowest pace in a decade.

The Sensex is valued at 15.4 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.3.

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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