Indian stock-index futures swung between gains and losses after the benchmark gauge posted its steepest weekly loss since December 2011.

SGX CNX Nifty Index futures for July delivery was little changed at 7,484 at 10 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. tumbled 1.4 percent to 7,459.60 on July 11. The S&P BSE Sensex (SENSEX) lost 1.4 percent to 25,024.35, its lowest level since June 5. The Bank of New York Mellon India ADR Index of U.S.-traded shares sank 1.4 percent to 1,317.07.

The Sensex slid 3.6 percent last week amid concern the rally that drove the market to a record has outpaced the outlook for earnings. Government data after market closed on July 11 showed the nation’s factory output beat estimates. Consumer and wholesale price growth may have slowed in June, economists said before reports today.

“The factory output data signals the economy is on a revival path. It shows confidence in the economy,” Deven Choksey, managing director of Mumbai-based K.R. Choksey Shares & Securities Ltd., said by phone on July 11. “We expect the stock market to rebound.”

Indian industrial production strengthened 4.7 percent in May, the most in 19 months, compared with the estimated 3.6 percent in a Bloomberg survey of analysts.

Prime Minister Narendra Modi’s government, two months into power after winning India’s biggest election victory in three decades, outlined plans on July 10 to retain the deficit target at the lowest level since 2008 while unveiling tax breaks for power utilities and property investment trusts to spur economic growth from near a decade low.

International investors poured $ 11.2 billion into local equities this year, the most among eight Asian markets tracked by Bloomberg. The Sensex’s valuation rose to 16 times projected 12-month earnings on July 7, the highest since April 2011. The MSCI Emerging Markets Index trades at 11 times, data compiled by Bloomberg show.

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