Indian Stocks Swing Between Gains, Losses Before Futures Expiry
Indian stocks swung between gains and losses before the expiry of monthly derivatives contracts tomorrow.
The S&P BSE Sensex added 0.2 percent to 18,642.24 at 9:45 a.m. in Mumbai, after changing directions at least five times. Bharti Airtel Ltd. (BHARTI), the nation’s largest mobile-phone operator, tumbled the most in a week. Tata Motors Ltd. (TTMT) declined for the seventh day. Power utility NTPC Ltd. climbed for the first time this week, after agreeing to sign a fuel supply pact. Reliance Industries Ltd. (RIL) rose to a one-week high.
The MSCI Asia Pacific Index gained for the first time in three days today after better-than-forecast U.S. data boosted the outlook for the world’s biggest economy. Indian Finance Minister Palaniappan Chidambaram said yesterday revisions to some of the caps placed on foreign direct investment in India should be in place by the second or third week of July, a move that will help money flow back into the country, he said.
Foreign investors are on course for the first monthly net sales of Indian (SENSEX) stocks since May 2012. Overseas funds pulled $256 million from domestic shares on June 24, a 10th day of outflows, data compiled by Bloomberg show. That pared this year’s purchases to $13.8 billion, still a record for the period, the data show.
Indian derivative contracts end on the last Thursday of every month.
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