Indian stock-index futures gained after the underlying equity gauge fell to a six-week low.

SGX CNX Nifty Index futures for May delivery rose 0.5 percent to 6,705.5 at 10:33 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. fell 0.9 percent to 6,652.55 yesterday. The S&P BSE Sensex (SENSEX) dropped 0.8 percent for its lowest close since April 16, halting two days of advances. The Bank of New York Mellon India ADR Index of U.S.-traded shares lost 1.2 percent. The MSCI Asia Pacific Index added 0.6 percent today after Federal Reserve Chair Janet Yellen said the U.S. still needs stimulus.

Indian equities climbed for a third straight month in April after opinion polls showed the Bharatiya Janata Party will win enough seats to form a government in elections ending May 12. The votes will be counted May 16. Eight out of the 12 Sensex companies that have reported earnings for the three months ended March 31 have either exceeded or matched estimates.

“Investors have no reason to expect the Nifty to witness heavy volatility this week, until election outcomes start trickling from next Monday,” Raghu Kumar, co-founder of brokerage RKSV Ltd., said by e-mail. “Earnings from most major stocks came in at expected levels.”

The Sensex has risen 5.5 percent this year and trades at 13.9 times projected 12-month profits, compared with the average multiple of 14.6 over the past five years. The MSCI Emerging Markets Index has gained 0.5 percent in 2014 and is valued at 10.5 times.

Foreigners have invested almost $ 10 billion into local stocks and bonds this year amid cooling inflation, shrinking deficits and a strengthening rupee. They bought a net $ 12.6 million of Indian shares on May 6, the 11th straight day of purchases.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at

To contact the editors responsible for this story: Michael Patterson at Phani Varahabhotla, Ravil Shirodkar