India’s Sensex Climbs Most in a Week Before Derivatives Expiry
Indian (SENSEX) stocks advanced, with the benchmark index poised for a second year of gains, before the expiry of derivatives contracts today.
The S&P BSE Sensex rose 0.2 percent at 21,074.25 at 9:44 a.m. in Mumbai, headed for biggest gain since Dec. 20. Futures contracts in India expire on the last Thursday of every month. The stock gauge has risen 8.3 percent this year, climbing to a record on Dec. 9, as growing exports boosted company profits and the Federal Reserve’s stimulus program spurred foreigners to buy a net $19.7 billion of shares, the most in Asia after Japan. The Sensex is valued at 13.5 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s 10.4 times, data compiled by Bloomberg show.
The CNX Nifty (NIFTY) Index gained 0.1 percent to 6,276.40.
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