Indian (SENSEX) stock-index futures swung between gains and losses as overseas investors extended a selloff of the nation’s shares and the rupee weakened.

SGX CNX Nifty (NIFTY) Index futures for June rose 0.2 percent to 5,610.5 at 9:58 a.m. in Singapore after dropping as much as 0.8 percent. The underlying CNX Nifty Index slid 1.4 percent to 5,590.25 yesterday, the lowest close since April 15. The S&P BSE Sensex fell 1.2 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares slumped 2.7 percent to the lowest level since Sept. 5.

Overseas funds sold a net $ 294 million of Indian shares on June 21 as global investors boosted sales of local bonds and stocks on the prospect of the U.S. paring stimulus policies. Foreigners have offloaded a net $ 1.31 billion of Indian shares in a nine-day selloff through June 21. The rupee fell yesterday, extending a seven-week slide that saw the currency plunge to a record low on June 20.

“India doesn’t have too much of a defense against a sudden outflow of money,” Sanjeev Prasad, co-head and senior executive director at Kotak Securities Ltd., said in an interview with Bloomberg TV India yesterday. “We run a structural current-account deficit in the range of $ 7 billion-plus a month, so every month we have to get $ 7 billion of capital inflows.”

Foreign funds pulled $ 4.6 billion from Indian debt and shares in June, exchange data show. Outflows from stocks this month have reduced this year’s net purchases to $ 14.1 billion, still a record for the period and the second-highest this year among 10 Asian markets tracked by Bloomberg, after Japan.

The Sensex has dropped 4.6 percent this year, reversing gains after climbing to a 19-month high on May 17. The index trades at 12.6 times projected 12-month profits compared with the MSCI Emerging Markets Index’s 9.2 times.

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

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net