Indian stock-index futures gained after the benchmark gauge posted its steepest three-day loss in 15 months.

SGX CNX Nifty Index (NIFTY) futures for January delivery rose 0.5 percent to 8,181.5 at 10:27 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. lost 0.3 percent to 8,102.10 yesterday. The S&P BSE Sensex (SENSEX) slid 0.3 percent, capping a three-day decrease of 3.5 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares rose 2.4 percent, its biggest increase since Dec. 18.

The MSCI Asia Pacific Index (MXAP) climbed 1 percent after U.S. equities rebounded yesterday and as West Texas Intermediate crude headed for a second day of gains from a five-year low. Nifty futures advanced as some analysts saw a silver lining for India as crude-oil prices hovered near a five-year low. The country imports about 80 percent of its crude requirements.

“We remain bullish on some emerging markets, including India,” Adrian Mowat, chief Asia and emerging-market equity strategist at JPMorgan Chase & Co., said in a Bloomberg Television TV India interview yesterday. “The environment we are in is very good for India and we have seen a bit of a correction in the markets because of the decline in oil price. This is a great opportunity.”

The biggest collapse in crude prices since the 2008 global recession is “God’s gift” to India and its benefits will flow in the next three months, Rakesh Jhunjhunwala, who owns more than $ 1 billion of stakes in Indian companies including Lupin Ltd. (LPC), said in an interview with Bloomberg TV India today.

Reserve Bank of India Governor Raghuram Rajan kept the main rate at 8 percent on Dec. 2 and said a shift in policy stance was “likely” if changes in inflationary expectations continued and fiscal developments were encouraging.

Global investors sold a net $ 242 million of local shares on Jan. 6, taking this month’s net outflows to $ 119 million. Foreigners had bought $ 16 billion of stocks last year.

The Sensex is valued at 14.8 times projected 12-month earnings. The MSCI Emerging Markets Index’ trades at 11 times.

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To contact the editors responsible for this story: Michael Patterson at Phani Varahabhotla, Chan Tien Hin