Indian stock-index futures fell after the benchmark index dropped to a four-month intraday low yesterday and international investors sold the nation’s shares.

SGX CNX Nifty Index futures for February delivery lost 0.3 percent to 6,019.5 at 10:26 a.m. in Singapore. The underlying CNX Nifty Index was little changed at 6,000.90 yesterday. The S&P BSE Sensex (SENSEX) rose less than 0.1 percent after declining to the lowest intraday level since Oct. 9. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 2.3 percent.

The Sensex has lost 4.5 percent this year and trades at 12.7 times projected 12-month earnings, the lowest level since August. Overseas funds have sold a net $ 146 million of Indian stocks this year as capital exits emerging markets after the U.S. Federal Reserve said Jan. 29 it will continue to pare monthly bond purchases.

“For the moment we are deeply entrenched in a global risk-off environment,” Arindam Ghosh, chief executive officer at Black Ridge Capital Advisors Pvt., said in an interview with Bloomberg TV India yesterday.

Power-equipment manufacturer Bharat Heavy Electricals Ltd. (BHEL) may report net income of 6.79 billion rupees ($ 109 million) for the quarter ended Dec. 31, compared with 11.8 billion rupees a year earlier, according to the median estimate of 33 analysts in a Bloomberg survey.

Fourteen out of 18 Sensex companies that have reported earnings for December quarter so far have beaten or matched analyst estimates.

Tech Mahindra Ltd. (TECHM), a software developer, may be active after its third-quarter profit jumped more than threefold. The company reported group net income of 10.1 billion rupees, compared with 2.76 billion rupees a year earlier. That beat the 6.9 billion rupees estimated by analysts.

Godrej Consumer Products Ltd. (GCPL), an Indian toiletries maker, may active after it agreed to buy the remaining 49 percent in Nigeria’s Darling Group Holdings to expand hair-care product sales in Africa.

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