Indian stock-index futures were little changed after the benchmark equity gauge fell the most in more than three months.

SGX CNX Nifty Index futures for June delivery rose less than 0.1 percent to 7,269 as of 10:46 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. dropped 1.3 percent to 7,235.65 yesterday amid the expiry of the derivative contracts for May. The S&P BSE Sensex (SENSEX) lost 1.3 percent, the most since Feb. 3. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 0.5 percent.

The Sensex is on course for its biggest weekly loss since the period ended Jan. 31 after its 14-day relative-strength index reached 75.6 on May 28. Some investors see readings above 70 as a signal to sell. The gauge has climbed 15 percent this year amid expectations India’s strongest electoral mandate in 30 years will enable Prime Minister Narendra Modi to pass measures to bolster Asia’s third-biggest economy.

“As most of the major events have already passed, investors are cautious and booking profits at higher levels,” Nidhi Saraswat, a senior analyst at Bonanza Portfolio Ltd., said by e-mail. “The market will continue to see volatility in coming sessions.”

India’s gross domestic product probably expanded 4.7 percent in the three months to March 31, government data will show today, according to the median of 42 estimates in a Bloomberg survey. That will be the nation’s eighth straight quarter of sub-5 percent growth.

Quarterly Earnings

Shares of Tata Motors Ltd. (TTMT) may move after India’s biggest automaker posted profit that missed analyst estimates as a wider-than-expected loss at the local business eroded gains from its Jaguar Land Rover unit. Its American Depositary Receipts fell 2.7 percent in U.S. trading yesterday.

The company’s net income declined to 39.2 billion rupees ($ 664 million) in the fourth quarter ended March, lagging behind the 46.1 billion-rupee median of 30 analyst estimates compiled by Bloomberg. Jaguar Land Rover profit increased to 449 million pounds ($ 750 million) from 377 million pounds.

Fifteen out of the 26 Sensex companies that have posted earnings so far have beaten or matched estimates. About 73 percent of results beat forecasts in the previous quarter.

Among companies due to report results today, Larsen & Toubro Ltd. (LT), India’s biggest engineering company, may say its fourth-quarter profit rose to 16.7 billion rupees, according to the median estimate of 28 analysts in a Bloomberg survey.

Truck maker Mahindra & Mahindra Ltd. (MM) may say its quarterly profit fell to 8.38 billion rupees, according to the median estimate of 26 analysts.

Overseas investors sold a net $ 7.4 million of Indian shares on May 28, paring this year’s inflows to $ 7.6 billion, data compiled by Bloomberg show.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Phani Varahabhotla, Matthew Oakley