Indian (SENSEX) stock-index futures dropped after data showed the nation’s consumer-price inflation topped estimates, adding pressure on central bank Governor Raghuram Rajan to raise interest rates again next week.
SGX CNX Nifty Index futures for December delivery fell 0.7 percent to 6,211.0 at 9:50 a.m. in Singapore. The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. sank 1.1 percent to 6,237.05 yesterday. The S&P BSE Sensex retreated 1.2 percent to 20,925.61. The Bank of New York Mellon India ADR Index of U.S.-traded shares lost 2 percent to 1,115.99. One-month rupee forwards weakened 0.7 percent today.
Consumer prices rose a more-than-estimated 11.24 percent in November from a year earlier, data yesterday showed. The central bank’s push to stem price increases has damped spending in the world’s second-most populous nation. Another report yesterday showed industrial production contracted 1.8 percent in October, more than the median forecast of a 1.2 percent drop.
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