Indian stock-index futures gained before the government releases July wholesale-price inflation data today.

SGX CNX Nifty Index futures for August delivery added 0.1 percent to 7,750 at 10:25 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) rose for a third day yesterday, increasing 0.2 percent to 7,739.55 yesterday. The S&P BSE Sensex (SENSEX) also climbed 0.2 percent. Indian financial markets are closed for the Independence Day holiday tomorrow. The Bank of New York Mellon India ADR Index of U.S.-traded shares jumped 1.1 percent to the highest level since January 2011.

Wholesale prices accelerated 5.1 percent from a year earlier in July, compared with 5.4 percent a month earlier, according to the median forecast of 42 economists in a Bloomberg survey. Data this week showed consumer prices accelerated faster than estimated in July, adding pressure on Reserve Bank of India Governor Raghuram Rajan to maintain elevated borrowing costs.

“Markets will likely trade range-bound before the long weekend,” Arun Kejriwal, a director at Kejriwal Research & Investment Pvt, said by phone today. “Quarterly earnings haven’t thrown up any major surprises yet.”

Rajan left the RBI’s benchmark repurchase rate unchanged at 8 percent at a policy meeting on Aug. 5 and flagged risks to inflation from deficient monsoon rains, government price support for crops and oil prices.

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

Earnings Reports

Shares of Tata Steel Ltd. (TATA), India’s biggest producer, may be active. The company posted a worse-than-expected 70 percent drop in quarterly profit as one-time losses and higher taxes overwhelmed a fall in raw-material prices and earnings from the sale of a stake in a port venture.

Group net income fell to 3.37 billion rupees ($ 55 million) in the three months ended June 30, compared with the median analyst forecast of 9.4 billion rupees.

Oil & Natural Gas Corp. (ONGC) reported first-quarter profit missed analyst estimates after India’s biggest explorer doubled costs for digging unsuccessful wells and sold crude at a steeper discount. Net income rose 19 percent to 47.8 billion rupees, compared with a forecast 58.5 billion rupees.

Hindalco Industries Ltd. (HNDL), India’s second-largest aluminum maker, may say today that quarterly net income dropped 6 percent to 4.45 billion rupees, according to the median estimates of 22 analysts.

Drugmaker Cipla Ltd. (CIPLA) may say profit declined 29 percent to 3.46 billion rupees, according to a survey of 29 analysts.

Thirteen of the 28 Sensex companies that have announced results so far for the June quarter have beaten or matched forecasts. That compares with 60 percent in the previous three months.

Foreign investors bought $ 59.5 million of local stocks on August 11, paring this year’s inflows to $ 12.1 billion, still the most in Asia.

The Sensex has jumped 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 11.2.

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, Chan Tien Hin