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India’s Stock Futures Gain After Biggest Equity Slump Since 2009
Feb. 25 (Bloomberg) -- Indian stock futures in Singapore rose, signaling gains for the country’s equities, following the biggest share-price declines since 2009 amid concerns of accelerating inflation.

March futures on the S&P CNX Nifty Index advanced 0.5 percent to 5,314 as of 9:38 a.m. Singapore time. The stock gauge slid 3.2 percent to 5,262.7 yesterday on India’s National Stock Exchange, the biggest drop since August 2009. The Bank of New York Mellon India ADR Index, which tracks the country’s American depositary receipts, declined 1.4 percent to 1,178.35 yesterday, the lowest level since Feb. 10.

Oil has surged 13 percent this week and touched the highest in 29 months in New York yesterday before retreating as Libya’s violent uprising cut supplies from Africa’s third-biggest producer. India, which imports almost 75 percent of its oil consumption, reported yesterday that food inflation accelerated for the first time in three weeks.

“If you keep the event-risk aside, we believe valuations are becoming attractive for a patient long-term investor,” Navneet Munot, chief investment officer at Mumbai-based SBI Funds Management Pvt., a unit of India’s biggest lender, said. “We will look to deploy more cash if there is another 5 percent to 7 percent correction in the markets.”

The Bombay Stock Exchange Sensitive Index, India’s domestic benchmark gauge, slid 3 percent yesterday to 17,632.41, the biggest drop since Nov. 3, 2009. The gauge’s companies are valued an average 16.5 times estimated earnings, down from last year’s high of about 21.5 times in March, according to data compiled by Bloomberg. The average ratio for stocks in the MSCI Emerging Markets Index is 11.1. times.

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