Indian stock-index futures traded little changed as gains in benchmark gauges to records yesterday drove valuations to two-month highs.

SGX CNX Nifty Index (NIFTY) futures for September delivery slid less than 0.1 percent to 8,189.0 at 10:20 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. climbed 1.1 percent to 8,173.90 yesterday. The S&P BSE Sensex (SENSEX) rose 1.1 percent to 27,319.85. The Bank of New York Mellon India ADR Index of U.S.-traded shares lost 0.4 percent to 1,458.16. The Sensex’s 14-day relative strength index rose to 74.4 yesterday, a level some investors see as a signal to sell.

The Sensex halted a two-day drop yesterday after a decline in oil eased concern that inflation will quicken. Lower fuel costs help ease price pressures in a country that buys about 80 percent of its oil from abroad. West Texas Intermediate crude rose for the first time in four days today.

“Investors should add equity on every consolidation,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday. “We are amidst the right environment of high liquidity, improving global demand, corporate earnings and macro fundamentals, all signaling a long bull run phase.”

Reliance Power Ltd. (RPWR) may be active today. The company told the Supreme Court it wants to surrender land in Dadri due to unavailability of gas to run the proposed power plant in the northern Indian state of Uttar Pradesh.

International investors bought a net $ 54.2 million of Indian stocks on Sept. 5, taking this year’s inflow to $ 13.7 billion, the most among eight Asian markets tracked by Bloomberg

The Sensex has jumped 29 percent this year and is valued at 15.9 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.4.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at

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