Indian (SENSEX) stock-index futures gained after benchmark indexes fell for a seventh consecutive day yesterday, the longest losing streak since August.

SGX CNX Nifty Index futures for November delivery rose 0.6 percent to 6,070 at 9:52 a.m. in Singapore. The underlying CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. lost 0.5 percent to 5,989.60 yesterday, the lowest level since Oct. 8. The S&P BSE Sensex declined 0.4 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares rose 1.3 percent. One-month rupee forwards strengthened 0.4 percent.

Tata Steel Ltd. (TATA), India’s biggest producer, and Oil & Natural Gas Corp., the nation’s largest explorer, reported quarterly earnings that beat analyst forecasts after the market closed yesterday. India’s rupee rose the most in almost a month, reversing an earlier drop to a two-month low, after central bank Governor Raghuram Rajan said the nation’s current-account deficit will narrow 36 percent from a record. The government releases wholesale-price inflation data for October today.

“The bonds and rupee markets reacted positively to the confidence-building measures by the RBI governor, so today we can see the impact on the equity markets,” Surya Narayan Nayak, an analyst at Networth Stock Broking Ltd., said by phone today. “The earnings season has exceeded our expectations. Tata Steel and ONGC results were a positive surprise. We can expect an end to the losing streak.”

Earnings Surprises

Tata Steel returned to profit, reporting earnings that were almost triple analysts’ estimates because of higher demand and a deferred-tax benefit. Group net income, including unit Tata Steel Europe Ltd., was 9.17 billion rupees ($ 145 million), compared with a 3.64-billion-rupee loss a year ago.

Oil & Natural Gas reported a surprise increase in net income after the rupee’s drop to a record low in August boosted earnings and helped counter higher discounts on crude oil. Profit rose 2.7 percent to 60.6 billion rupees.

Wholesale price inflation probably accelerated 6.95 percent in October from 6.46 percent in September, according to the median of 40 estimates in a survey before data due today. Retail (INFUTOTY) inflation quickened to 10.09 percent last month, the fastest in a basket of 17 Asia-Pacific economies tracked by Bloomberg, data showed on Nov. 12.

Shares of Sun Pharmaceutical Industries Ltd. (SUNP) may move. The company reported after the market closed yesterday that profit jumped more than fourfold to 13.6 billion rupees, compared with the median analyst estimate of 12.5 billion rupees.

Coal India

Coal India Ltd. (COAL), the world’s largest producer of the commodity, may be active. The company reported its second profit decline in a row and missed analyst estimates as costs increased and waning demand damped prices.

Cipla Ltd. (CIPLA) may move after announcing quarterly net income dropped 25 percent to 3.76 billion rupees, compared with the median estimate of 3.88 billion rupees in a Bloomberg survey.

Net incomes at 21 of the 29 companies in the Sensex that have reported results exceeded analyst estimates, according to data compiled by Bloomberg. About 47 percent of the 30 index members missed forecasts in the previous quarter.

Tata Power Ltd. may report today a second-quarter profit of 1.54 billion rupees, compared with a 543 million-rupee loss a year earlier, according to the median estimate of 21 analysts. The company is the last Sensex member to report earnings.

Global funds bought a net $ 59.2 million of local shares on Nov. 12, a 27th day of purchases, the longest consecutive inflow since the 35 days through Feb. 15.

The Sensex has gained 4 percent this year and trades at 13.3 times projected 12-month profits, the cheapest in more than two months. The MSCI Emerging Markets Index is valued at 10.4 times.

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

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net