Indian stock-index futures swung between gains and losses before the expiry of derivatives contracts today.

SGX CNX Nifty Index futures for April delivery fell 0.1 percent to 6,830 at 9:48 a.m. in Singapore. The most-active May contract also lost 0.1 percent, to 6,876. The underlying CNX Nifty Index was little changed at 6,815.35 yesterday. The S&P BSE Sensex (SENSEX) declined less than 0.1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares dropped 1.4 percent.

Derivatives in India, which usually expire on the last Thursday of every month, end today because markets are closed tomorrow for elections in Mumbai. Indian elections began on April 7, with opinion polls indicating the main opposition Bharatiya Janata Party led by Narendra Modi will secure the most seats, ending the Congress Party’s decade-long rule. Counting takes places on May 16.

“If the sense emerges that Modi continues to gain more from the forthcoming election phases, the momentum can continue and take the market higher,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday.

The Sensex climbed to an all-time high on April 21 amid speculation a Modi victory will expedite investment and spur economic growth.

International investors bought a net $ 36.9 million of Indian shares on April 21, taking this year’s inflows to $ 4.8 billion, the second highest among eight Asian markets tracked by Bloomberg, after Taiwan.

Foreign funds have pumped $ 10 billion into local stocks and bonds this year amid cooling inflation, shrinking deficits and a strengthening rupee.

The Sensex has climbed 7.5 percent this year and trades at 14.3 times projected 12-month profits. The MSCI Emerging Markets Index has risen 0.9 percent in 2014 and is valued at 10.6 times.

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

To contact the editors responsible for this story: Richard Frost at Matthew Oakley, Chan Tien Hin