Indian stock-index futures dropped after benchmark gauges retreated from record highs yesterday.

SGX CNX Nifty Index (NIFTY) futures for November delivery fell 0.3 percent to 8,442.5, at 10:15 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. slid 0.8 percent to 8,463.10 yesterday. The S&P BSE Sensex (SENSEX) lost 0.6 percent to 28,338.05. The Bank of New York Mellon India ADR Index of U.S.-traded shares sank 2.2 percent to 1,527.65.

The Sensex ended a three-day gain yesterday after valuations rose to a two-month high and its relative strength index reached a level seen by some investors as a signal to sell. The stock gauge has risen in the past five weeks on bets the government will accelerate reforms to boost economic growth.

“The market rally has been magnificent and has run a bit ahead of fundamentals and we may see some investors taking money off the table,” Arun Kejriwal, a director at Kejriwal Research and Investment Pvt., said by phone today. “Tomorrow is the expiry of the monthly derivatives contracts and any new move will come in the new series.”

The monthly futures contract on the Nifty index expires on Nov. 27, the last Thursday of every month. Tata Coffee Ltd. may be active today. The company said after the close of trading yesterday its board approved splitting each share into 10.

Global investors bought a net $ 80.2 million of local shares on Nov. 24, taking this year’s inflow to $ 15.5 billion, the most among eight Asian markets tracked by Bloomberg. The Sensex has risen 34 percent this year, 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 Chan Tien Hin