Indian stock-index futures swung between gains and losses before the central bank meets today to review monetary policy.

SGX CNX Nifty Index futures for August delivery were little changed at 7,722 at 9:49 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) rose 1.1 percent to 7,683.65 yesterday, the biggest gain since July 22. The S&P BSE Sensex (SENSEX) advanced 1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares jumped 1.9 percent.

Reserve Bank of India Governor Raghuram Rajan will leave the benchmark repurchase rate unchanged at 8 percent today, according to 39 of 41 economists surveyed by Bloomberg, with two expecting a cut to 7.75 percent. The central bank has signaled it could ease monetary policy if inflation slows faster than anticipated. Consumer prices rose a less-than-forecast 7.31 percent in June, compared with 8.28 percent a month earlier.

“I don’t think there’s any chance at this stage of an interest-rate reduction as consumer-price inflation is still running around 7 percent and it’s going to be quite difficult for the governor to relax monetary policy significantly this year,” Sam Mahtani, emerging markets director at London-based F&C Asset Management Plc, which oversees about $ 150 billion, said in an interview with Bloomberg TV.

Prime Minister Narendra Modi’s administration has prioritized curbing food costs, part of a sweeping agenda seeking to revive economic growth from near a decade low.

Hero MotoCorp Ltd. (HMCL), India’s biggest two-wheeler maker, may report profit of 6.17 billion rupees ($ 101.3 million) in the quarter ended June, according to the median of 39 analyst estimates compiled by Bloomberg.

Nine of the 16 Sensex companies that have announced results so far for the June quarter have beaten or matched forecasts.

Foreign investors sold $ 183 million of local stocks on Aug. 1, paring this year’s inflows to $ 11.7 billion, still the most among eight Asian markets tracked by Bloomberg.

The Sensex has advanced 22 percent this year and is valued at 15.2 times projected 12-month profits, compared with the MSCI Emerging Markets Index’s multiple of 11.1.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at

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