Indian (SENSEX) stock-index futures swung between gains and losses after benchmark gauges fell for a fourth day.

SGX CNX Nifty (NIFTY) Index futures for January delivery lost less than 0.1 percent to 6,223.5 at 9:51 a.m. in Singapore. The underlying CNX Nifty Index declined 0.3 percent to 6,191.45 yesterday. The S&P BSE Sensex dropped 0.3 percent to 20,787.30. The Bank of New York Mellon India ADR Index of U.S.-traded shares slid 0.8 percent.

The Sensex has retreated to a three-week low amid a slowdown in manufacturing output, the fastest consumer-price inflation in at least two years and economic growth that’s stayed below 5 percent for four straight quarters. Infosys Ltd., India’s second-largest software services exporter, begins the earnings reporting season on Jan. 10.

“The bearish stance has formally taken a grip and the markets could give away the gains of the past three-to-four months,” Jagannadham Thunuguntla, chief strategist at SMC Global Securities Ltd. in New Delhi, said by phone. “Investors are watching for the results season.”

Infosys may report profit of 27.3 billion rupees ($ 438 million) for the quarter ended Dec. 31, according to the median estimate of 12 analysts in a Bloomberg survey. That compares with 23.7 billion rupees in the same period a year earlier.

Global investors sold a net $ 2.2 million of local shares on Jan. 3, according to data compiled by Bloomberg. They invested $ 20 billion last year, the most in Asia after Japan, and $ 24.6 billion in 2012, the data show.

The Sensex trades at 13.1 times projected 12-month earnings, compared with the five-year average of 14.4 times. The MSCI Emerging Markets Index is valued at 10.2 times.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at

To contact the editor responsible for this story: Michael Patterson at

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