Indian stock-index futures swung between gains and losses after benchmarks rose for a fifth day.

SGX CNX Nifty Index (NIFTY) futures for January delivery fell less than 0.1 percent to 8,343 at 9:37 a.m. in Singapore. The underlying CNX Nifty Index added less than 0.1 percent to 8,284 yesterday. The S&P BSE Sensex (SENSEX) also gained less than 0.1 percent.

The Sensex rallied 30 percent in 2014, the most among the world’s 20 biggest markets after China, as foreigners bought $ 16.1 billion of local stocks on expectations economic growth will rebound after Prime Minister Narendra Modi won the biggest election mandate in 30 years in May.

“I will be very hopeful about 2015, primarily because I am expecting a significant increase in earnings,” Nirmal Jain, chairman of IIFL Holdings Ltd., wrote in an e-mail.

An extension of last year’s rally may hinge on Modi’s ability to push through reforms after opposition parties stalled the passage of some legislation.

International investors bought a net $ 87.6 million of local shares on Dec. 31. The Sensex is valued at 15.1 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.1.

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To contact the editors responsible for this story: Michael Patterson at Matthew Oakley, Phani Varahabhotla