Indian stock-index futures dropped a day after the benchmark equity gauges fell from a record high.

SGX CNX Nifty Index (NIFTY) futures for September delivery lost 0.5 percent to 8,140 as of 10:23 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. fell 0.3 percent to 8,152.95 yesterday from an all-time high. The S&P BSE Sensex (SENSEX) declined 0.2 percent to 27,265.32. The Bank of New York Mellon India ADR Index of U.S.-traded shares retreated 1.5 percent to 1,436.74.

The MSCI Asia Pacific Index (MXAP) slid 0.7 percent today amid concern over the time line for U.S. interest-rate increases. The Sensex has jumped 29 percent this year and trades near its most expensive level in two months. The gauge’s 14-day relative strength index was above 70 for a second day yesterday, the threshold that some investors consider to be a signal to sell.

“Near term profit booking cannot be ruled out,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail yesterday. “We continue to favor select pockets belonging to quality stocks.”

Shares of ICICI Bank Ltd. (ICICIBC), the nation’s second-largest bank by assets, may be active after the lender approved splitting each share into five. The bank’s American depository share will continue to represent two underlying shares, it said in an exchange filing after market hours yesterday.

The Sensex is the best performer among the world’s 10 biggest markets this year, driven by foreign fund inflows. International investors bought a net $ 189 million of local stocks Sept. 8, taking this year’s purchases to $ 13.9 billion, the second-most among eight Asian markets tracked by Bloomberg.

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