Indian stock-index futures rose after benchmark gauges climbed to records in October to complete their best month since June.

SGX CNX Nifty Index futures for November delivery added 0.5 percent to 8,398 at 10:08 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) on the National Stock Exchange of India Ltd. surged 1.9 percent to 8,322.20 on Oct. 31. The S&P BSE Sensex (SENSEX) jumped 1.9 percent to 27,865.83. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 2.7 percent to 1,511.73. Indian markets are closed tomorrow for a holiday.

The Sensex rallied 4.6 percent last month on optimism Prime Minister Narendra Modi will accelerate policy changes aimed at spurring growth. The India HSBC-Markit Economics Manufacturing Purchasing Managers’ Index for October will be released today. The gauge was at 51 in September. A reading above 50 signals expansion, less than 50 a contraction.

“We believe markets will remain bullish for this week at least and 7,900-7,950 would act as a strong support to Nifty over the medium term,” Hiren Dhakan,​an associate fund manager at Bonanza Portfolio Ltd., wrote in an e-mail on Oct. 31.

Global investors bought a net $ 236 million of local shares on Oct. 30, extending this year’s inflow to $ 13.6 billion, the most among eight Asian markets tracked by Bloomberg. The Sensex has risen 32 percent this year, the best performer among the world’s 10 biggest markets, the data show.

Automakers may be active today after data over the weekend showed car sales in October declined for India’s biggest companies. Maruti Suzuki India Ltd. (MSIL), the nation’s largest carmaker, said its October sales dropped 1.1 percent to 103,973 units from a year earlier.

Sales last month at Tata Motors Ltd. (TTMT), the owner of Jaguar Land Rover, fell 17 percent while Mahindra & Mahindra Ltd. (MM), the biggest sport-utility vehicles maker, posted a 15 percent drop.

Indian refiners may move. Indian Oil Corp., the nation’s biggest refiner, cut gasoline and diesel prices by more than two rupees a liter, the company said on Oct. 31.

The Sensex is valued at 15.9 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.

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