SGX S&P CNX Nifty Index futures (IHA) for January deliveryadvanced 0.1 percent to 4,781.5 at 10:25 a.m. in Singapore. Thefutures are derived from the underlying S&P CNX Nifty (NIFTY) Index,which climbed 2.8 percent to 4,765.30 yesterday. The BSE IndiaSensitive Index (SENSEX), or Sensex, added 2.7 percent to 15,939.36. Bothgauges jumped the most yesterday since Dec. 21.
A U.S. factory index from the Institute for SupplyManagement climbed to 53.9 last month from 52.7 in November,data from the group showed yesterday. The figures added toreports showing stronger manufacturing in India, China, the U.K.and Australia. India��s manufacturing industry grew the most insix months, a Purchasing Managers�� Index from HSBC Holdings Plcand Markit Economics showed on Jan. 2.
��The Indian economy has tremendous resilience,�� Nirmal Jain, chairman of brokerage India Infoline Ltd. (IIFL), said in aBloomberg UTV interview yesterday. ��The stock market runs aheadof the macro fundamentals.��
HSBC and Markit Economics are due to release theirpurchasing managers�� index for the services industries today.Their purchasing managers gauge for manufacturing rose to 54.2from 51 in November, according to a Jan. 2 statement.
Gas DiscoveriesReliance Industries Ltd. (RIL) may be active today after peoplewith knowledge of the matter said the company and partner BP Plcwon government approval to spend $1.5 billion to develop gasdiscoveries. Shares of Bharat Petroleum Corp., India��s second-biggest state refiner, may move as the company is offering tosell 11,000 metric tons of naphtha for loading in January,according to a document obtained by Bloomberg News.
The Sensex slumped 25 percent in 2011, the most since 2008,on concern a slumping rupee and record interest-rate increaseswi! ll worse n the effects of Europe��s debt crisis on earnings. Thegauge trades at 13.9 times estimated earnings, down from 19.4times at the end of 2010. The MSCI Emerging Markets Index isvalued at 9.6 times.
India��s stock market had joined the ��cheapest 4 club��based on price-to-book and return-on-equity after China, Korea,Hong Kong, Credit Suisse Group AG analysts led by Sakthi Sivawrote in a report from the brokerage today. The analysts werereviewing their ��underweight�� rating on Indian equities, theysaid in the report.
Overseas investors sold $512 million from equities in 2011,on concern a slowdown in the U.S. and Europe��s debt crisis mayerode company profits, data from the Securities & Exchange Boardof India show. That compares with a record inflow of $29.4billion in 2010. Foreign funds sold a net 391 million rupees (FIINNET$)($7.4 million) of Indian stocks on Jan. 2.