Indian stock-index futures fell as global equities dropped and investors awaited tomorrow’s interest-rate decision by the nation’s central bank.

SGX CNX Nifty Index futures for January delivery declined 1.5 percent to 6,175.50 at 11:28 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. fell 1.2 percent to 6,266.75 on Jan. 24. The S&P BSE Sensex (SENSEX) slumped 1.1 percent, retreating from a record. The Bank of New York Mellon India ADR Index of U.S.-traded shares tumbled 3.8 percent. The Standard & Poor’s 500 Index fell 2.1%, capping its worst week since June 2012.

Growing concern over an economic slowdown in China and a decline in emerging-market currencies have spurred investor worries a selloff in global equity markets may continue. The Reserve Bank of India will meet tomorrow for its policy review after Governor Raghuram Rajan raised borrowing costs twice since September to counter inflation.

“Indian markets will get caught in the global selloff today,” Surya Narayan Nayak, head of equity research at Sun Capital Advisory Services Pvt., said by phone from Mumbai today. “Given there’s a crucial RBI policy meeting tomorrow there won’t be many people taking big bets.”

Thirty-six of the 39 economists surveyed by Bloomberg predict Rajan will leave interest rates unchanged on Jan. 28. Still, a panel set up by the RBI to strengthen the nation’s monetary policy framework this week recommended setting an consumer-price inflation target of 4 percent, raising concern the central bank will need to increase borrowing costs.

Tata Motors Ltd. (TTMT) may move after Managing Director Karl Slym died in a fall from the Shangri-La hotel in Bangkok. The Briton, 51, had joined the automaker in 2012 after a 17-year stint at General Motors Co. and was the top executive for its operations excluding the Jaguar Land Rover luxury unit.

Companies including Hindustan Unilever Ltd. (HUVR) and Idea Cellular Ltd. will announce their quarterly results today. Hindustan Unilever’s fiscal third-quarter net income will rise to 9.4 billion rupees from 8.71 billion rupees a year earlier, according to the median of 32 analyst estimates in a Bloomberg survey. Idea Cellular’s profit for the three months ended Dec. 31 is projected to increase to 5.14 billion rupees from 2.3 billion rupees, according to a separate survey of 29 analysts.

The Sensex has declined 0.2 percent this year. It climbed 9 percent in 2013, the best annual gain among the four-largest emerging markets, and is valued at 13.1 times projected 12-month earnings. The MSCI Emerging Markets Index trades at 9.1 times.

Global investors bought a net $ 75.8 million of domestic shares on Jan. 23, according to data compiled by Bloomberg. They invested $ 20 billion in the country last year, the most in Asia after Japan. Net purchases in 2012 were $ 24.6 billion, the data show.

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