Indian stock-index futures gained after benchmark gauges jumped by the most in eight months following the central bank’s surprise interest-rate cut yesterday.

SGX CNX Nifty Index futures for January delivery rose 0.7 percent to 8,523 at 9:48 a.m. in Singapore. The underlying CNX Nifty Index (NIFTY) surged 2.6 percent to 8,494.15 yesterday. The S&P BSE Sensex (SENSEX) climbed 2.7 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares advanced 3.8 percent.

Indian stocks, bonds and the rupee surged after the Reserve Bank of India cut its benchmark interest rate as a slowdown in inflation offered scope to buttress an economy expanding at little more than half the pace of four years ago. RBI Governor Raghuram Rajan had last month resisted calls from Prime Minister Narendra Modi to lower borrowing costs.

“More than the quantitative impact of a 0.25 percent reduction in the interest rate, the market was responding to the signal of policy reversal,” C.J. George, managing director at Geojit BNP Paribas Financial Services Ltd., wrote in e-mail yesterday. “India will continue to be the only large economy where the central bank can reduce rates further this year.”

Shares of Tata Consultancy Services Ltd. (TCS), India’s largest software services company, may be active today after it posted profit that trailed analyst estimates as clients held back on outsourcing work.

Net income rose 5.1 percent to 54.4 billion rupees ($ 876 million) in the third quarter, the Mumbai-based company said yesterday. That compares with the 54.8 billion-rupee median of 37 analyst estimates compiled by Bloomberg.

Earnings Releases

Wipro Ltd. (WPRO), the third-biggest software services provider, may report today that net income rose 7 percent to 21.6 billion rupees in the three months through December, according to a Bloomberg survey of 35 analysts.

Reliance Industries Ltd. (RIL), owner of the world’s largest refining complex, may say quarterly profit declined 8 percent to 50.9 billion rupees, according to the median estimate of 23 analysts. Axis Bank Ltd. may say profit increased 16 percent to 18.65 billion rupees, according to a survey of 24 analysts.

International investors sold a net $ 3.8 million of local shares on Jan. 14, extending this month’s outflow to $ 315.3 million. Foreign funds bought $ 16 billion of stocks last year.

The Sensex is climbed 2.1 percent so far this year and is valued at 15.5 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, Phani Varahabhotla