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Nov. 27 (Bloomberg) -- India halted stocks, bonds and rupee trading today for the first time in more than three years after terrorists killed 101 people in Mumbai’s financial hub.

Markets were closed as Indian commandos battled to free hostages held by gunmen at two luxury hotels. S&P CNX Nifty Index futures for November delivery fell as much as 2.9 percent in Singapore.

Militants armed with rifles and grenades are holding the hostages in India’s first terrorist attack targeting foreigners. The assault, which injured 287, may worsen the effect of a global rout that helped drive India’s benchmark Bombay Stock Exchange Sensitive Index, or Sensex, 56 percent lower this year, set for its worst performance on record.

“It is worrying that the targets were foreigners and businessmen,” said Ajay Bodke, who helps manage the equivalent of $872 million at IDFC Assets Management Co. in Mumbai. “We will see a ripple effect in terms of investor sentiment as the terrorist attack was in the financial hub and in iconic places. India needs to deal with this with an iron hand.”

Both the Bombay Stock Exchange and National Stock Exchange were shut, along with bond, foreign exchange, commodities and money markets, bourse officials and the central bank said.

Nifty futures retreated 1.4 percent to 2,710.0 as of 1:17 p.m. in Singapore. Indexes elsewhere in Asia climbed today, with the MSCI Asia-Pacific Index advancing 1.9 percent.

Indiabulls, iShares

The futures contract, based on the 50 stocks on the underlying S&P CNX Nifty Index on the National Stock Exchange of India Ltd., added 4.1 percent in Mumbai yesterday. The expiry date of November futures will be delayed to Nov. 28, Singapore Exchange Ltd. said.

Among India-linked shares traded in Singapore, Indiabulls Properties Investment Trust fell 8.3 percent to 16.5 cents at the midday break. iShares MSCI India, an exchange traded fund, declined 1 percent to $3.12.

Non-deliverable forwards on India’s rupee retreated 0.8 percent to 50.15 per dollar. Forwards are agreement in which assets are bought and sold at current prices for delivery at a later specified time and date. Non-deliverable contracts are settled in dollars.

The attack “might be an excuse for some knee-jerk selling,” said V. Anantha-Nageswaran, chief investment officer for Asia Pacific at Bank Julius Baer (Singapore) Ltd., which manages $350 billion in assets worldwide. “Our views on India have been cautious even before this, primarily because of the global slowdown, the current account deficit.”

Default Risks

The cost of protecting corporate bonds from default rose in India following the attacks. Credit-default swaps on government- controlled State Bank of India Ltd. rose 20 basis points to 440 at 8:55 a.m. Hong Kong time, JPMorgan Chase & Co. prices show. A basis point, or 0.01 percentage point, is worth $1,000 on a swap protecting $10 million of debt.

“The terrorist attacks are adding to the already quite fragile situation in India, which is seeing investors take money out of its stock market,” said Sebastien Barbe, a Hong Kong- based economist for Calyon.

India last shut its stock and bond markets in July 2005 after monsoon rains disrupted Mumbai and other areas in the western state of Maharashtra. Trading of shares had been temporarily disrupted in 1993 after a series of explosions in the city killed at least 70 people, the last time the exchange was shut because of a terrorist attack.

Fire spread through the luxury Taj Mahal Palace and Tower hotel, where the militants were holding as many as 15 people hostage, the Press Trust of India reported. A little-known Islamist group called the Deccan Mujahadeen claimed responsibility, PTI said.

Retreat From Record

The Sensex has tumbled 57 percent since rising to a record high of 20,873.33 on Jan. 8. The gauge had climbed for the previous six years, on speculation that economic expansion will drive profit growth for the nation’s companies.

Overseas funds sold a net 3.12 billion rupees ($63 million) of Indian stocks on Nov. 24, increasing outflows from equities this year to $13.5 billion, the nation’s market regulator said.

Yesterday, the Sensex climbed 3.8 percent to 9,026.72, the most since Nov. 21, after China slashed its key lending rate by the most in 11 years and the U.S. committed as much as $800 billion to unfreeze lending.

The rupee, the third-worst performer among Asia’s 10 most- active currencies outside Japan this year, is down 20 percent this year. It gained 1.1 percent to 49.435 per dollar yesterday in Mumbai, according to data compiled by Bloomberg.

‘Bounce Back’

Finance Minister Palaniappan Chidambaram predicted last week economic growth will “bounce back” to 9 percent next year, from at least 7 percent this year, driven by record crop plantings, public sector pay increases and tax breaks.

“Domestic industries can build high profits and growth,” Mark Mobius, 72, who manages more than $24 billion in emerging- market assets as executive chairman at San Mateo, California based Templeton Asset Management Ltd., said in a Nov. 22 interview. He is buying Indian consumer-related stocks.

Still, a rebound in the nation’s equities will have to contend with intensifying violence. Multiple attacks have rocked India’s cities this year with bombs planted in markets, theaters and near mosques. Mumbai, formerly known as Bombay, is home to the nation’s biggest stock and commodity exchanges and the main center of rupee trading.

“India is a large country and these things have been happening now and then,” said Tan Teng Boo, who helps oversee about $200 million at iCapital Global Fund in Kuala Lumpur. “The bigger worry for Indian stocks is the macroeconomic uncertainty and the ability of the prime minister to continue reform programs.”

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