(Bloomberg) -- Indian equity-index futures were little changed after stocks slumped for a seventh straight day as March futures and options contracts expired on Thursday.
SGX CNX Nifty Index futures for April delivery were at 8,460 at 10:03 a.m. in Singapore. The underlying CNX Nifty Index plunged 2.2 percent to 8,342.15 on Thursday, its lowest since Jan. 6. The S&P BSE Sensex lost 2.3 percent to 27,457.58, capping a seventh day of declines. The Bank of New York Mellon India ADR Index of U.S.-traded shares slid 0.2 percent.
The MSCI Asia Pacific Index rose less than 0.1 percent after falling to its lowest in almost two months on Thursday. The Sensex has dropped 6.5 percent in March, poised for its worst monthly performance since November 2011, amid concern higher U.S. interest rates may spark outflows. Earnings for the index's 30 companies fell in the three months to December for the first time in six quarters, data compiled by Bloomberg show.
"There are no immediate triggers for the markets on the domestic front, and hence markets may continue to be dictated by global factors," Dipen Shah, head of private-client group research at Kotak Securities Ltd. in Mumbai, said by e-mail on Thursday. "Quarterly results are also expected to be subdued."
Idea Cellular Ltd. and Bharti Airtel Ltd. may move after Communications Minister Ravi Shankar Prasad said the two led winning bids at an auction of mobile phone airwaves that helped India raise a record 1.1 trillion rupees ($18 billion). The two companies, and Vodafone Group Plc, were competing to keep the spectrum they already use, as billionaire Mukesh Ambani's Reliance Jio Infocomm Ltd. builds a network to start services.
The Sensex trades at 15.3 times projected 12-month earnings, compared with the MSCI Emerging Markets Index's multiple of 11.7. Global investors bought a net $99 million of local shares on March 25, taking this year's inflows to $5.8 billion, the most among eight Asian markets tracked by Bloomberg. They bought $16 billion of stocks last year.
To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net
To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Phani Varahabhotla, Chan Tien Hin
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