Indian stock-index futures gained after benchmark gauges fell for a third day yesterday.

SGX CNX Nifty Index futures for October delivery rose 0.5 percent to 7,934 at 10:20 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) lost 0.1 percent to 7,842.70 yesterday, the lowest close since Aug. 14. The S&P BSE Sensex (SENSEX) also dropped 0.1 percent. The Bank of New York Mellon India ADR Index of U.S.- traded shares advanced 1.6 percent.

Earnings season begins tomorrow, when Infosys Ltd. (INFO) reports results for the quarter ended Sept. 30. Profits at Sensex companies are likely to grow 24 percent over the next 12 months, compared with 17 percent for companies on the MSCI Emerging Markets Index, data compiled by Bloomberg show. The Indian equity gauge has jumped 24 percent this year, the best performer among the world’s 10 biggest markets.

“The rally has been sharp this year and will be supported by earnings,” Arun Kejriwal, a director at Kejriwal Research and Investment Pvt, said by phone today.

Infosys’s quarterly net income probably climbed 22 percent from a year earlier to 29.6 billion rupees ($ 482 million), according to the median estimate of 25 analysts surveyed by Bloomberg.

Tomorrow’s results are notable for Infosys because they may be the first in which new Chief Executive Officer Vishal Sikka lays out his vision, according to an Oct. 7 note from JPMorgan Chase & Co. Sikka, a former SAP AG executive, was appointed in June to help reverse four years of narrowing profit margins.

The Sensex is valued at 15.1 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 10.8.

International investors sold a net $ 6.6 million of Indian stocks on Oct. 7, paring this year’s inflows to $ 13.9 billion, still the most among eight Asian markets tracked by Bloomberg.

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