Indian stock-index futures swung between gains and losses after benchmark indexes rose to an all-time high and as foreign inflows climbed to the highest daily level in three months.

SGX CNX Nifty Index futures for March delivery lost 0.1 percent to 6,559.5 at 9:45 a.m. in Singapore after rising 0.1 percent. The underlying CNX Nifty Index gained 0.2 percent to 6,537.25 yesterday, an all-time high. The S&P BSE Sensex (SENSEX) added 0.1 percent to 21,934.83, also a record. The Bank of New York Mellon India ADR Index of U.S.-traded shares rose 0.2 percent.

Indian stocks have drawn the biggest net inflow in Asia this year after data showed yesterday that international investors bought a net $ 438.3 million of the nation’s shares on March 7, the most since Dec. 9. The Sensex has jumped more than 8 percent from this year’s low on Feb. 13, sending valuations to a three-month high.

“The markets have run up too soon on the back of superb foreign inflows,” Kishor Ostwal, managing director at CNI Research Ltd., said in a phone interview yesterday. “We expect the markets to take a pause.”

The Sensex’s 14-day relative strength index, which measures how rapidly prices have risen or fallen, was above 75 yesterday. Some investors see readings above 70 as a signal to sell.

International investors have bought a net $ 1.25 billion of Indian stocks this year. The Sensex has risen 3.6 percent in 2014 and trades at 14.1-times projected 12-month earnings, near the most expensive level since December. The MSCI Emerging Markets Index is valued at 10.2 times.

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