Indian stock-index futures swung between gains and losses after benchmark indexes tumbled from all-time highs yesterday.

SGX CNX Nifty Index futures for July delivery was little changed at 7,635 at 9:47 a.m. in Singapore. The underlying CNX Nifty Index slumped 2.1 percent to 7,623.20 yesterday, the steepest drop since Sept. 3. The S&P BSE Sensex (SENSEX) plunged 2 percent, the most since Jan. 27. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell for the first time in seven days, declining 1 percent.

This year’s best-performing Sensex companies dropped yesterday as investors speculated an advance that has propelled the index to successive record highs has gone too far. The gauge rallied 14 percent in the quarter ended June 30 on expectations a new government under Prime Minister Narendra Modi will revive growth in Asia’s third-largest economy. The government presents its federal budget tomorrow.

“Although there could be some more downside, we believe any correction offers an opportunity for those waiting on the sidelines to enter the market,” Amar Ambani, head of research at IIFL Ltd., wrote in an e-mail yesterday.

International investors bought a net $ 130.7 million of Indian shares on July 7, according to data compiled by Bloomberg. That extended this year’s purchases to $ 10.8 billion, the second-highest among eight Asian markets tracked by Bloomberg, after Taiwan.

Shares of Oil & Natural Gas Corp. (ONGC), India’s largest state-owned oil explorer, and Steel Authority of India Ltd. may be active today.

The government is planning to sell a 5 percent stake in ONGC in the year through March 2015, the Press Trust of India reported, citing an official it didn’t name. The state will also sell a 5 percent stake in Steel Authority in the current financial year, Press Trust reported, citing Finance Minister Arun Jaitley.

The Sensex has risen 21 percent this year and is valued at 15.6 times projected 12-month profits compared with the MSCI Emerging Markets Index’s multiple of 11.1.

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, Phani Varahabhotla