Indian stock-index futures swung between gains and losses after benchmark gauges fell for the first time in four days yesterday.

SGX CNX Nifty Index (NIFTY) futures for January delivery added less than 0.1 percent to 8,349 at 9:43 a.m. in Singapore. The underlying CNX Nifty Index dropped 0.3 percent to 8,299.40 yesterday. The S&P BSE Sensex (SENSEX) retreated 0.6 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares increased 0.2 percent.

The government releases wholesale-price inflation data for December today. The gauge rose 0.4 percent, according to the median of 38 estimates in a Bloomberg survey, after unexpectedly stagnating in November. Consumer prices rose 5 percent from a year earlier in December, data showed on Jan. 12, easing pressure on central bank Governor Raghuram Rajan to cut interest rates before the government presents its budget next month.

“Though CPI data was better than expected, it’s a bit early to presume the Reserve Bank of India will lower the rate at the next policy meeting,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in e-mail yesterday.

The central bank meets to review policy on Feb. 3.

International investors bought a net $ 41.8 million of local shares on Jan. 12, paring this month’s outflow to $ 352.5 million. Foreign funds bought $ 16 billion of Indian stocks last year.

The Sensex has dropped 0.3 percent so far this year and is valued at 15.1 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.3.

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, Chan Tien Hin