Indian equity-index futures swung between gains and losses after the benchmark stock gauge jumped the most in two weeks. Tata Consultancy (TCS) Services Ltd. and Bajaj Auto (BJAUT) Ltd. may be active before their quarterly results.

SGX CNX Nifty Index futures for July delivery fell less than 0.1 percent to 7,650.5 at 10:52 a.m. in Singapore after climbing 0.2 percent earlier. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. gained 1.3 percent to 7,624.40 yesterday. The S&P BSE Sensex (SENSEX) advanced 1.3 percent to 25,549.72, rising for a second day. The Bank of New York Mellon India ADR Index of U.S.-traded shares increased 2.1 percent.

“After two successive sessions of rebound, we expect the index to take a pause,” Jayant Manglik, president of retail distribution at Religare Securities Ltd., said by e-mail.

The Sensex currently trades at 15.6 times projected 12-month earnings, near the most expensive level in three years, compared with the MSCI Emerging Markets Index’s multiple of 11. The gauge has surged 21 percent this year and is the best performer among the world’s 10 biggest markets.

ONGC Stake

Oil & Natural Gas Corp. (ONGC) may move after the government asked banks to help sell a stake valued at 178 billion rupees ($ 3 billion) in the nation’s biggest energy explorer. The lenders were asked to submit documents by Aug. 6, according to a notice on the disinvestment department’s website yesterday.

Tata Consultancy, India’s largest software services company, may report today that profit rose to 48.9 billion rupees in the quarter ended June, according to the median of 39 analyst estimates compiled by Bloomberg.

Bajaj Auto, India’s largest two-wheeler maker by market value, may post a profit of 8.18 billion rupees in the quarter ended June, according to the median of estimates in a Bloomberg survey of 34 analysts.

International investors have poured $ 11.3 billion into local equities this year, the most in Asia, on expectations Prime Minister Narendra Modi will help spur an economy growing at near the slowest pace in a decade.

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, Chan Tien Hin