Indian stock-index futures rose,
signaling equities will extend a two-day rally that drove
benchmark indexes to a two-year high.
SGX S&P CNX Nifty Index futures for January delivery climbed 0.4 percent to 6,064.5 at 9:56 a.m. in Singapore. The underlying S&P CNX Nifty (NIFTY) Index added 0.7 percent to 5,993.25 yesterday. The BSE India Sensitive Index (SENSEX), or Sensex, rose 0.7 percent to 19,714.24 yesterday. Both gauges closed at their highest levels since Jan. 6, 2011.
The Bank of New York Mellon India ADR Index of U.S.-traded shares jumped 2.3 percent as a U.S. manufacturing report added to optimism the global economic recovery will accelerate. India’s cash surplus of 1.3 trillion rupees ($24 billion) and efforts to clamp down on spending will help it keep to its borrowing target for the year to March, said a government official with knowledge of the matter.
Indian stocks gained yesterday after U.S. lawmakers approved a bill averting most of the tax increases and spending cuts threatening the recovery in the world’s biggest economy. The U.S. accounted for 11 percent of India’s exports in the six months to September 2011, trade ministry data show. An industry report yesterday showed American manufacturing expanded more than forecast in December.
The Sensex climbed 26 percent last year, fueled by fund flows and government steps to open the economy and boost economic growth. The rally has driven the Sensex’s valuation to 15.6 times estimated earnings, the highest level since March, data compiled by Bloomberg show. The MSCI Emerging Markets Index trades at a multiple of 12.4.
Prime Minister Manmohan Singh began a wave of policy announcements in September, raising diesel prices and allowing more foreign investment in the retail and airline industries to bolster an economy growing at the slowest pace in three years.
The measures propelled foreign inflows into local shares to a net $24.5 billion last year, the highest among 10 Asian markets tracked by Bloomberg, excluding China. Foreign funds were net buyers of Indian stocks on all but one day last month. They bought $149 million of shares on Jan. 1, data from the market regulator show.
To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
SGX S&P CNX Nifty Index futures for January delivery climbed 0.4 percent to 6,064.5 at 9:56 a.m. in Singapore. The underlying S&P CNX Nifty (NIFTY) Index added 0.7 percent to 5,993.25 yesterday. The BSE India Sensitive Index (SENSEX), or Sensex, rose 0.7 percent to 19,714.24 yesterday. Both gauges closed at their highest levels since Jan. 6, 2011.
The Bank of New York Mellon India ADR Index of U.S.-traded shares jumped 2.3 percent as a U.S. manufacturing report added to optimism the global economic recovery will accelerate. India’s cash surplus of 1.3 trillion rupees ($24 billion) and efforts to clamp down on spending will help it keep to its borrowing target for the year to March, said a government official with knowledge of the matter.
Indian stocks gained yesterday after U.S. lawmakers approved a bill averting most of the tax increases and spending cuts threatening the recovery in the world’s biggest economy. The U.S. accounted for 11 percent of India’s exports in the six months to September 2011, trade ministry data show. An industry report yesterday showed American manufacturing expanded more than forecast in December.
The Sensex climbed 26 percent last year, fueled by fund flows and government steps to open the economy and boost economic growth. The rally has driven the Sensex’s valuation to 15.6 times estimated earnings, the highest level since March, data compiled by Bloomberg show. The MSCI Emerging Markets Index trades at a multiple of 12.4.
Prime Minister Manmohan Singh began a wave of policy announcements in September, raising diesel prices and allowing more foreign investment in the retail and airline industries to bolster an economy growing at the slowest pace in three years.
The measures propelled foreign inflows into local shares to a net $24.5 billion last year, the highest among 10 Asian markets tracked by Bloomberg, excluding China. Foreign funds were net buyers of Indian stocks on all but one day last month. They bought $149 million of shares on Jan. 1, data from the market regulator show.
To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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