(Corrects ADR Index move in second paragraph.)

Indian stock-index futures gained after benchmark gauges fell to the lowest level in two months.

SGX CNX Nifty Index futures for October delivery rose 0.8 percent to 7,815 at 10:09 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) plunged 1.5 percent to 7,748.20 yesterday, the lowest close since Aug. 13. The S&P BSE Sensex (SENSEX) declined 1.3 percent. The Bank of New York Mellon India ADR Index of U.S.- traded shares dropped 1.7 percent.

Yesterday’s tumble in Indian markets sent valuations on the two benchmark gauges to the cheapest level in five months. U.S. shares recovered yesterday after St. Louis Federal Reserve Bank President James Bullard said policy makers should consider delaying the end of bond purchases.

“Some stocks are looking attractive after yesterday’s selloff,” Suniil Pachisia, vice president of Pratibhuti Viniyog Ltd., said by phone today. “The Nifty is looking a bit oversold and a rebound looks likely.”

Shares of Tata Consultancy Services Ltd. may be active today after India’s largest software services provider posted profit that missed analyst estimates for the first time in six quarters. The company reported after markets closed yesterday that net income rose 14 percent from a year earlier to 52.9 billion rupees ($ 855 million). That compares with the 53.8 billion-rupee median of 44 forecasts compiled by Bloomberg.

Hero MotoCorp Ltd. (HMCL) said quarterly profit jumped 59 percent from a year earlier to 7.63 billion rupees, compared with the median analyst estimate of 7.08 billion rupees.

Earnings Announcements

Axis Bank Ltd. (AXSB) may report today that quarterly profit rose 19 percent to 16.19 billion rupees, according to 33 analysts surveyed by Bloomberg. Larsen & Toubro Ltd. may announce net income of 9.79 billion rupees, according to a Bloomberg survey of 11 analysts.

International investors sold a net $ 111 million of Indian equities on Oct. 14, a third straight day of outflows. That pared this year’s inflow to $ 13.4 billion, still the highest among eight Asian markets tracked by Bloomberg.

The Sensex has risen 23 percent this year, the best performer among the world’s 10 biggest markets, and is valued at 14.9 times projected 12-month earnings, the cheapest since May. Its 30-day volatility measure climbed to a two-month high yesterday. The MSCI Emerging Markets Index trades at a multiple of 10.5.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net Matthew Oakley