Indian stock-index futures swung between gains and losses after benchmark gauges advanced to the highest level in six weeks.

SGX CNX Nifty Index (NIFTY) futures for January delivery added less than 0.1 percent to 8,589 at 9:31 a.m. in Singapore. The underlying CNX Nifty Index climbed 0.4 percent to 8,550.70 yesterday, the highest close since Dec. 4. The S&P BSE Sensex (SENSEX) rose 0.5 percent to 28,262.01. The Sensex’s 50-day historical volatility index, a measure of price swings, increased to the highest level since July 16 yesterday.

Profits at five out of six Sensex companies that have reported earnings for the December quarter so far beat or matched estimates. International investors were buyers of $ 197 million of Indian stocks on Jan. 16, turning capital flows into equities net positive for this year.

“The Nifty is currently in a very narrow range amid a lack of strong market cues,” Rakesh Goyal, senior vice president at Bonanza Portfolio Ltd., wrote in an e-mail yesterday.

Shares of Hindustan Zinc Ltd. (HZ) may be active today. The company reported after markets closed yesterday that third-quarter net income rose 38 percent to 23.8 billion rupees ($ 385.7 million), beating the 21.7 billion-rupee median estimate of analysts.

Lender Kotak Mahindra Bank Ltd. (KMB) may say profit rose 29 percent to 7.6 billion rupees in the quarter ended Dec. 31, according to seven analysts surveyed by Bloomberg.

Foreign funds have bought a net $ 155.7 million of Indian shares so far this year. The Sensex has gained 2.8 percent this month and is valued at 15.7 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 10.6.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editors responsible for this story: Michael Patterson at mpatterson10@bloomberg.net Matthew Oakley, Phani Varahabhotla