Indian stock-index futures dropped after benchmark indexes extended record highs yesterday.

SGX CNX Nifty Index futures for September delivery lost 0.4 percent to 8,111 at 9:48 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) rose for a fifth day yesterday, adding 0.4 percent to 8,114.60. The S&P BSE Sensex (SENSEX) gained for a ninth day, the longest winning streak in two years. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 1.6 percent to an all-time high.

Indian stock indexes have advanced this week after data showed on Aug. 29 that the country’s economy expanded at the fastest pace in nine quarters in the three months ended June. Still, the monsoon that brings more than 70 percent of India’s annual rains is 15 percent weaker than the 50-year average, the meteorological department said yesterday. That may hurt agricultural output and stoke food costs, jeopardizing the anti-inflationary measures that Prime Minister Narendra Modi has made a priority of his new administration.

“Economic data is suggesting that growth has likely bottomed out,” Dipen Shah, head of private client group research at Kotak Securities Ltd., wrote in an e-mail yesterday. “Having said that, we note that the economy still faces challenges emanating from a deficit monsoon and its upward risk on inflation.”

Shares of mobile-phone company Idea Cellular Ltd. (IDEA) may be active. An investor in the company, P5 Asia Investments (Mauritius) Ltd., is offering 85 million shares of Idea Cellular to raise as much as $ 242 million, according to terms obtained by Bloomberg.

International investors bought a net $ 144 million of Indian stocks on Sept. 2, taking this year’s inflow to $ 13.1 billion, the second-highest in Asia, after Taiwan.

The Sensex has jumped 28 percent this year and is valued at 15.8 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.5. The Sensex is the best performer among the world’s 10 biggest markets.

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, Phani Varahabhotla