Indian stock-index futures gained after benchmark indexes rallied from a four-month low.

SGX CNX Nifty Index futures for February delivery rose 0.2 percent to 6,050 at 10:06 a.m. in Singapore. The underlying CNX Nifty Index added 0.4 percent to 6,022.40. The S&P BSE Sensex (SENSEX) increased 0.2 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares lost 1.1 percent to 1,098.25.

The Sensex climbed yesterday as some investors were lured by recent losses that drove valuations to the cheapest in six months. Fifteen out of 19 Sensex companies that have reported earnings for December quarter so far have beaten or matched analyst estimates.

“This earnings season has been better than expected and that’s giving investors the confidence to buy,” Kishor Ostwal, managing director at CNI Research Ltd., said today. “Valuations have become attractive.”

Shares of Suzlon Energy Ltd. (SUEL), India’s second-biggest wind-turbine maker, may be active. The company expects to gain an extension on $ 209 million of defaulted debt as early as next week, said three people with direct knowledge of the matter.

Suzlon has been in talks with bondholders for a five-year extension for the dollar-denominated convertible debt, said the people, asking not to be identified before an announcement. The company failed to repay investors in October 2012, in the nation’s biggest convertible-bond default.

The Sensex has retreated 4.3 percent this year as capital exits emerging markets amid concerns the U.S. Federal Reserve will continue to pare monthly bond purchases.

International investors have pulled a net $ 199 million from Indian stocks this year through Feb. 4, data compiled by Bloomberg show, after a $ 20 billion inflow in 2013.

The benchmark gauge trades at 12.7-times projected 12-month earnings, near the cheapest level since August.

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