Indian stock-index futures rose after the benchmark gauges capped their steepest weekly increase in two months. Reliance Industries (RIL) Ltd. and Wipro (WPRO) Ltd. may be active after reporting quarterly results.

SGX CNX Nifty Index (NIFTY) futures for January delivery advanced 0.6 percent to 8,574 as of 10:31 a.m. in Singapore. The underlying CNX Nifty Index on the National Stock Exchange of India Ltd. added 0.2 percent to 8,513.80 on Jan. 16. The S&P BSE Sensex (SENSEX) gained 0.2 percent to 28,121.89, capping a 2.4 percent weekly rally. The Bank of New York Mellon India ADR Index of U.S.-traded shares jumped 2 percent to 1,555.27.

The MSCI Asia Pacific Index (MXAP) rose 0.5 percent after U.S. oil capped its first weekly increase since November. European Central Bank President Mario Draghi will probably announce a 550 billion-euro ($ 635 billion) bond-purchase program on Jan. 22, according to economists in a Bloomberg survey. The Sensex last week posted its biggest weekly advance in more than two months after Reserve Bank of India Governor Raghuram Rajan cut borrowing costs in an unscheduled move.

“The market expects that the ECB will take the decision to increase quantitative easing in the next meeting,” Vinod Nair, head of fundamental research at Geojit BNP Paribas Financial Services Ltd., wrote in an e-mail on Jan. 16. “As global factors get addressed, India can look ahead to further rate cuts and budget expectations.”

India will stick to its budget deficit target for the current fiscal year after steps to curb inflation enabled the central bank to cut the borrowing rate, Prime Minister Narendra Modi said on Jan. 16. The government aims to narrow its budget deficit to 4.1 percent of gross domestic product in the year ending in March, from 4.5 percent a year ago.

Quarterly Results

Reliance Industries may move after the owner of the world’s biggest oil refining complex reported its first profit decline in nine quarters. Net income fell 7.6 percent to 50.9 billion rupees ($ 822 million) in the three months ended Dec. 31 as crude’s slump drove down the value of stockpiles and narrowed its refining margin.

Wipro may be active after India’s third-largest software exporter reported a net income of 21.9 billion rupees after the close of trading on Jan. 16. That exceeded the 21.6-billion rupee estimate of 35 analysts compiled by Bloomberg.

Hindustan Unilever Ltd. (HUVR), the nation’s biggest home-products maker, may say its quarterly profit rose to 10.8 billion rupees, according to the median estimate of 22 analysts in a Bloomberg survey. That compares with a profit of 10.6 billion rupees a year earlier.

Four out of the five Sensex companies that have so far reported earnings for the December quarter have beaten or matched estimates.

The Sensex is valued at 15.5 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 10.6. Global investors bought a net $ 274 million of local shares on Jan. 15, paring this year’s outflows to $ 41.3 million. Foreigners had bought $ 16 billion of stocks last year.

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