Indian stock-index futures swung between gains and losses after benchmark gauges fell the most in three weeks yesterday.

SGX CNX Nifty Index futures for May delivery lost 0.1 percent to 7,302.5 at 9:51 a.m. in Singapore. The contract expires tomorrow. The underlying CNX Nifty Index slid 0.6 percent to 7,318 yesterday, the biggest drop since May 7. The S&P BSE Sensex (SENSEX) fell 0.7 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares declined 0.2 percent.

Derivatives contracts in India expire on the last Thursday of every month. The Sensex has risen 24 percent since September, when the opposition Bharatiya Janata Party named Narendra Modi its candidate for prime minister. Modi was sworn in on May 26.

“It has become a monthly phenomenon in India to experience heightened volatility around expiry week,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday. “The risk is that the market is floating on very high expectations from the new government.”

The Sensex has climbed to records as India’s strongest electoral mandate in 30 years puts Modi in a position to pass measures to bolster Asia’s third-biggest economy.

Hero MotoCorp Ltd. (HMCL) may report today that profit dropped to 5.29 billion rupees in the quarter ended March 31, from 5.74 billion rupees a year earlier, according to the median estimate of 33 analysts in a Bloomberg survey.

Shares of Jet Airways India Ltd. (JETIN) may be active. India’s biggest publicly traded carrier posted a record quarterly loss yesterday and named its fourth chief executive officer in less than a year.

JSW Steel Ltd. (JSTL) may move. The company reported profit of 4.83 billion rupees for the quarter ended March 31, compared with the median analyst estimate of 5.64 billion rupees. Earnings-per-share rose to 19.64 rupees from 12.9 rupees.

International investors sold a net $ 4.2 million of Indian stocks on May 26, paring this year’s purchases to $ 7.68 billion, the most among eight Asian markets tracked by Bloomberg.

The Sensex has climbed 16 percent this year and is valued at 15.1 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 10.7.

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

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