India’s Nifty Futures Climb in Volatile Trade Before Fed Meeting

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India’s CNX Nifty index futures climbed in volatile trading as stocks ended four days of losses before the derivatives’ expiry on Thursday and investors speculated on the timing of U.S. interest-rate increases.

Nifty futures slid below the underlying gauge and recouped toward the close, with the July-delivery contract increasing 0.4 percent to 8,382.45. The Nifty index gained 0.5 percent to 8,375.05 in Mumbai.

“The market was volatile before the derivatives expiry,” Rajendra Wadher, director at PRB Securities Ltd. in Mumbai, said in a phone interview. “Investors are cautious before the Fed meeting and ahead of major earnings.”

The Federal Reserve will release its policy statement on Wednesday in Washington after a two-day meeting that may give clues on when it will raise the near-zero rates that have helped fuel demand for riskier assets. Eight of the 12 Sensex companies that have posted earnings for the June quarter so far have matched or beaten estimates.

The India VIX Index, a measure of protection against stock market swings using options, fell 0.2 percent to 15.9.

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