Indian stock-index futures gained as Asian shares rose after the U.S. Federal Reserve said interest rates will remain low as growth rebounds.

SGX CNX Nifty Index futures for June delivery climbed 0.5 percent to 7,594 at 9:40 a.m. in Singapore. The underlying CNX Nifty Index fell 1 percent to 7,558.20 yesterday, the biggest loss since June 13. The S&P BSE Sensex (SENSEX) declined 1.1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.7 percent.

The Fed said it expects borrowing costs to stay low for a “considerable time” after the end of its bond-buying stimulus program, which has fueled equity gains in emerging markets. The Sensex dropped yesterday amid concerns rising oil prices and a weaker-than-average monsoon will fuel Asia’s fastest consumer inflation. The rupee has slumped 2.2 percent this month, the biggest drop among 12 Asian currencies tracked by Bloomberg.

“We’ll see the market reacting to the outcome of the Fed meeting,” Jayant Manglik, president of retail distribution at Religare Securities Ltd., wrote in an e-mail. “The war-like situation in Iraq and decline in the rupee is keeping the uneasiness intact.”

Overseas investors sold a net $ 23.8 million of Indian shares on June 16, paring this year’s inflows to $ 9.9 billion, the most among eight Asian markets tracked by Bloomberg.

The Sensex has surged 19 percent this year, the biggest gain among Asian benchmarks, and trades at 15.5 times projected 12-month profits, near the most expensive level since April 2011. The MSCI Emerging Markets Index is valued at a multiple of 11.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Matthew Oakley, Phani Varahabhotla