Indian stock-index futures dropped after the benchmark index climbed to a record yesterday.

SGX CNX Nifty Index futures for April delivery fell 0.4 percent to 6,788.5 at 10:05 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India was little changed at a record 6,796.40 yesterday. The S&P BSE Sensex (SENSEX) gained less than 0.1 percent to 22,715.33, an all-time high. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell 2.2 percent to 1,220.20.

Infosys Ltd. and Tata Consultancy Services Ltd. may be active after U.S. technology stocks tumbled yesterday amid speculation that valuations are too high. Indian elections began this week, with opinion polls indicating the main opposition Bharatiya Janata Party will secure the most seats. Overseas investors have pumped $ 11 billion into local stocks and bonds this year amid speculation the elections will produce a BJP administration with the mandate to tackle corruption and lift economic growth from a decade low.

“The rally has been too fast, too soon,” Arun Kejriwal, a director at Kejriwal Research & Investment Pvt., said by phone from Mumbai yesterday. “We can see some consolidation at current levels. But the bias remains upward as the foreign inflows have been very strong.”

India is scheduled to report industrial production figures today. The Sensex has climbed 7.3 percent this year and trades at 14.3 times projected 12-month profits, compared with the average multiple of 14.5 over the past five years. The MSCI Emerging Markets Index has risen 1.3 percent in 2014 and is valued at 10.3 times.

India is prepared for potential financial fallout if the Federal Reserve increases interest rates before April 2015, Reserve Bank of India Governor Raghuram Rajan said yesterday in Washington.

“Nobody is prepared for every eventuality, but for most eventualities, we are prepared,” Rajan said in an interview with Bloomberg News after an event in Washington. “For us, the specific timing matters less than that it should happen when U.S. growth is strong.”

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at

To contact the editors responsible for this story: Michael Patterson at Chan Tien Hin