(Bloomberg) — Indian stock-index futures swung between gains and losses after benchmark gauges rose to records for a fifth consecutive day yesterday.

SGX CNX Nifty Index futures for January delivery added less than 0.1 percent to 8,918.5 at 9:33 a.m. in Singapore. The underlying CNX Nifty Index climbed 0.9 percent to 8,910.50 on Tuesday, an eighth straight day of gains. The S&P BSE Sensex advanced 1 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares fell for the first time in eight days, losing 0.5 percent.

The Sensex has increased 7.5 percent this month, heading for the largest jump since May. International investors have poured $ 1.24 billion into Indian stocks in January amid expectations Prime Minister Narendra Modi will extend his reform agenda to spur growth in Asia’s third-largest economy. The gauge’s surge has sent valuations to the most expensive level in four years and its relative strength index to 75, above the level some investors see as a signal to sell.

“After a vertical rise in the last eight sessions, we expect the index to take a pause,” Jayant Manglik, president of retail distribution at Religare Securities Ltd., wrote in an e-mail yesterday.

Shares of Titan Ltd., the jewelry retailer controlled by the Tata Group, may be active today. The company said after markets closed yesterday that third-quarter profit rose 16 percent to 1.91 billion rupees ($ 31.1 million), matching the median forecast of 21 analysts surveyed by Bloomberg.

Idea Cellular Ltd., a mobile phone operator controlled by the Birla Group, reported after market close yesterday a third quarter profit of 7.67 billion rupees, missing the 7.96 billion rupees estimated by analysts.

Foreign funds bought a net $ 347 million of local shares on Jan. 23. The Sensex trades at 16.4 times projected 12-month earnings, compared with the MSCI Emerging Markets Index’s multiple of 11.6.

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

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