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Business News/ Market / Stock-market-news/  Nifty equity-index futures advance in budget-day trading
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Nifty equity-index futures advance in budget-day trading

SGX CNX Nifty Index futures for March delivery rose 0.7% to 8,955 at 10.04am in Singapore

The underlying CNX Nifty Index on the National Stock Exchange of India Ltd jumped 1.9% on Friday, the most since 15 January. Photo: Hemant Mishra/Mint (Hemant Mishra/Mint)Premium
The underlying CNX Nifty Index on the National Stock Exchange of India Ltd jumped 1.9% on Friday, the most since 15 January. Photo: Hemant Mishra/Mint
(Hemant Mishra/Mint)

Indian stock-index futures gained in a special Saturday trading session before Prime Minister Narendra Modi’s first full-year budget presentation.

SGX CNX Nifty Index futures for March delivery rose 0.7% to 8,955 at 10.04am in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd jumped 1.9% on Friday, the most since 15 January. The S&P BSE Sensex gained 1.7%. The Bank of New York Mellon India ADR Index of US-traded shares rose 1.4%.

India’s bourses will open as Modi’s administration unveils the budget on a Saturday for just the second time in the country’s history. The benchmark Sensex index rose the most in five weeks on Friday as a team of finance ministry advisers said “big bang" reforms may spur growth of as much as 8.5% for Asia’s third-largest economy in the next fiscal year.

“We are entering into the big event of Union Budget on a strong note," Jayant Manglik, the president of retail distribution at Religare Securities Ltd, wrote in an e-mail on Friday.

The Sensex has climbed 6.3% this year amid speculation Modi will use the budget to improve infrastructure, boost local manufacturing and reduce subsidies that have weighed on government finances.

Growth outlook

The gauge is valued at 16.4 times estimated earnings for the next 12 months, a 14 % premium over the five-year average, according to data compiled by Bloomberg. Global investors bought a net $403 million of local shares on 26 February, taking this year’s inflows to $3.9 billion.

The finance ministry’s economic growth forecast, which comes after India revised the way it calculates gross domestic product last month, shows the economy is “recovering" rather than “surging," ministry advisers led by Arvind Subramanian wrote. They said policy measures by Modi’s nine-month-old government, which won the biggest election victory in three decades, could put the economy on a path for double-digit growth.

“The indications are clear that markets are expecting big bang measures to uplift economic growth and boost revenue," Hiren Dhakan,​an associate fund manager at Bonanza Portfolio Ltd, wrote in an e-mail on Friday.

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Published: 28 Feb 2015, 09:33 AM IST
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