India’s Nifty Futures Decline After Indexes Snap Record RallyRajhkumar K Shaaw
Indian stock-index futures fell after benchmark gauges ended winning streaks yesterday.
SGX CNX Nifty Index futures for September delivery fell 0.1 percent to 8,130 at 9:56 a.m. in Singapore. The underlying CNX Nifty Index dropped 0.2 percent to 8,095.95 yesterday after setting fresh records for five straight days through Sept. 3. The S&P BSE Sensex lost 0.2 percent, halting a nine-day advance. The gauge has risen 1.7 percent this week, heading for a fourth weekly advance. The Bank of New York Mellon India ADR Index of U.S.-traded shares lost 0.2 percent.
The Sensex capped its longest run of monthly gains since 2007 in August. Foreigners poured $13.4 billion into local shares this year, the second-most among eight Asian markets tracked by Bloomberg, amid expectations that Prime Minister Narendra Modi’s government will help boost growth from a decade low. The nation’s gross domestic product rose 5.7 percent in the three months ended June from a year ago, beating estimates, official data showed Aug. 29.
“We expect some consolidation to continue, and a further rally in coming sessions,” Rakesh Goyal, senior vice president at Bonanza Portfolio Ltd., wrote in an e-mail yesterday.
Shares of Tech Mahindra Ltd. may be active today. The software services provider has entered into an agreement with Canada’s Bombardier Inc. that will enable it to work with the aerospace company, according to an exchange filing yesterday.
International investors bought a net $217 million of Indian stocks on Sept. 3, the largest daily inflow since Aug. 7, according to data compiled by Bloomberg. The Sensex has jumped 28 percent this year and is valued at 15.7 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.5. The Sensex is the best performer among the world’s 10 biggest markets.