Indian stock-index futures gained, signaling benchmark indexes may extend yesterday’s rally, after European policy makers indicated record low borrowing costs will be maintained.

SGX CNX Nifty Index futures for July delivery rose 0.8 percent to 5,880 at 10:34 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. climbed 1.1 percent to 5,836.95 yesterday, the biggest advance since June 28. The S&P BSE Sensex gained 1.2 percent to 19,410.84. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 0.9 percent.

European Central Bank President Mario Draghi pledged to keep interest rates at an all-time low for an “extended period” yesterday. That contrasts with the U.S. Federal Reserve, which signaled stimulus could be cut this year, prompting investors to flee emerging-market assets and fueling a global stock rout.

“We expect the markets to go up today on the back of Draghi’s statement,” Surya Narayan Nayak, an analyst at Networth Stock Broking Ltd., said by phone from Mumbai today. “Our markets are driven by foreign inflows and a loose global monetary policy will spur demand for riskier assets. This will counter some of the concerns over tapering by the Fed.”

The European Union accounted for 17 percent of India’s exports in the fiscal year ended March 2012, according to the commerce ministry, making it India’s largest trading partner. Shipments to the U.S. accounted for 11 percent, trade ministry data show.

Overseas funds sold a net $ 97 million of Indian stocks on July 3, data from the market regulator show. That pared this year’s net inflow to $ 13.4 billion, still a record for the period. Foreign investors withdrew a net $ 1.76 billion of domestic stocks last month, the most since August 2011.

The Sensex has slid 4.3 percent from a two-year high set on May 17 and trades at 13 times projected 12-month earnings. The valuation narrowed to 12.5 times on June 24, the cheapest since April. The MSCI Emerging Markets Index trades at 9.7 times.

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