Indian stock-index futures swung between gains and losses after the benchmark index dropped for the first time in five days.

SGX CNX Nifty Index futures for February delivery rose 0.2 percent to 6,075 at 10:39 a.m. in Singapore after dropping as much as 0.6 percent. The underlying CNX Nifty Index fell 0.2 percent to 6,053.45 yesterday, while the S&P BSE Sensex (SENSEX) slid 0.2 percent, ending a four-day gain. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.5 percent.

International investors sold a net $ 40.7 million of Indian shares on Feb. 7, extending this year’s outflow to $ 226.7 million, according to data compiled by Bloomberg. Sixteen out of the 21 Sensex companies that have reported earnings for the December quarter so far have exceeded or matched estimates.

“Earnings have been good and that’s providing a floor to the markets even as foreign investors have been selling,” Arun Kejriwal, a director with Kejriwal Research & Investment Pvt., said by phone from Mumbai today. “We expect the markets to trade in a small range.”

Shares of Tata Motors Ltd. (TTMT), India’s biggest automaker, may be active. The company reported net income almost tripled to 48.1 billion rupees ($ 771 million) in the quarter ended Dec. 31, beating analyst estimates, as sales at its Jaguar Land Rover unit jumped.

Earnings Reports

Tata Steel Ltd. (TATA) may report quarterly profit of 6.68 billion rupees today, according to the median estimate of 27 analysts in a Bloomberg survey. That compares with a loss of 7.63 billion rupees in the same period last year.

Dr. Reddy’s Laboratories Ltd. (DRRD), India’s second-largest drugmaker, may announce net income climbed to 5.3 billion rupees, from 3.63 billion rupees a year earlier, according to a Bloomberg survey of 32 analysts.

Foreign institutional investors now represent 65 percent of all institutional ownership, an all-time high, according to a Credit Suisse Group AG note today. Foreign flows “as a technical signal for the markets thus become more important,” the note said.

International investors poured $ 20 billion into Indian stocks last year, the most in Asia after Japan, and $ 24.6 billion in 2012, according to data compiled by Bloomberg.

Government data due tomorrow may show industrial output shrank 1.1 percent in December, according to the median estimate of 30 economists surveyed by Bloomberg. That compares with a 2.1 contraction the previous month.

The Sensex has dropped 4 percent this year and trades at 12.8 times projected 12-month profits, near the cheapest since August. The MSCI Emerging Markets Index is valued at 9.2 times.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net