Indian (SENSEX) stock-index futures fell before the nation’s central bank meets for a policy review.

SGX CNX Nifty Index futures for January delivery dropped 0.4 percent to 6,121.5 at 10:04 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. slid 2.1 percent to 6,135.85 yesterday. The S&P BSE Sensex lost 2 percent to 20,707.45, the most since Sept. 3. The Bank of New York Mellon India ADR Index of U.S.-traded shares sank 2.4 percent to 1,120.97.

Reserve Bank of India Governor Raghuram Rajan will hold the repurchase rate at 7.75 percent at today’s review, according to 42 of 45 economists in a Bloomberg survey. The MSCI Asia Pacific Index was little changed before the U.S. Federal Reserve, which tapered bond buying by $ 10 billion last month, starts a two-day meeting today.

“We have the important RBI policy meeting apart from results of various large companies,” Dipen Shah, head of private client group research at Kotak Securities Ltd., said in an e-mail yesterday. “We expect RBI to hold rates. However, the core inflation will need to moderate for the RBI to change its monetary stance.”

A panel set up by the central bank to strengthen the monetary policy framework last week recommended setting a retail inflation target of 4 percent, raising concern the RBI will need to raise rates. Rajan has raised borrowing costs twice since September.

India Earnings

Maruti Suzuki India Ltd. (MSIL), the nation’s biggest carmaker, may say third-quarter profit rose 39 percent to 6.94 billion rupees ($ 109 million), according to the median estimate of 39 analysts in a Bloomberg survey.

NTPC Ltd. (NTPC), India’s biggest power producer, may report third-quarter profit of 25.5 billion rupees, another survey showed. Idea Cellular Ltd. (IDEA), a mobile-phone operator, may drop after its third-quarter net income missed estimates.

Global investors sold a net $ 31.5 million of domestic shares on Jan. 24, the first outflow in 12 days, according to data compiled by Bloomberg. They invested $ 20 billion last year, the most in Asia after Japan. Net purchases in 2012 were $ 24.6 billion, the data show.

The Sensex has declined 2.2 percent this year. It climbed 9 percent in 2013, the best annual gain among the four-largest emerging markets, and trades at 12.9 times projected 12-month earnings. The MSCI Emerging Markets Index trades at 9 times.

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