Indian stock-index futures fell after benchmark gauges rose to all-time highs yesterday.

SGX CNX Nifty Index (NIFTY) futures for September delivery dropped 0.2 percent to 8,060 at 9:53 a.m. in Singapore. The underlying CNX Nifty Index rose 0.9 percent to 8,027.70 yesterday, while the S&P BSE Sensex (SENSEX) also gained 0.9 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.8 percent to a record. The Sensex’s 14-day relative strength index rose to 70.5 yesterday, a level some investors see as a signal to sell.

The nation’s gross domestic product rose 5.7 percent in the three months ended June from a year ago, beating estimates, government data showed Aug. 29. The Sensex capped its longest run of monthly gains since 2007 in August as foreigners extended this year’s inflows into Indian stocks to $ 13 billion, the second-most among eight Asian markets tracked by Bloomberg, amid expectations the new government will help boost growth from a decade low.

“The market is overbought,” Arun Kejriwal, a director at Kejriwal Research & Investment Pvt., said by phone today. “Some investors might be tempted to take some money off the table. A little correction will be healthy as things have become a little heated up.”

Shares of Tata Motors Ltd. (TTMT), the owner of Jaguar Land Rover, may be active today. The company said after market hours yesterday that its sales fell 18 percent from a year earlier in August to 40,883 units.

International investors sold a net $ 83 million of Indian stocks on Aug. 28, the first daily outflow in 11 days, according to data compiled by Bloomberg.

The Sensex has jumped 27 percent this year and is valued at 15.6 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.3. The Sensex is the best performer among the world’s 10 biggest markets.

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