(Bloomberg) — Indian traders replaced a higher proportion of CNX Nifty Index stock-index futures expiring tomorrow with contracts for the following month, signaling optimism the rally will continue.

Traders rolled over 62 percent of January futures as of 4:02 p.m. in Mumbai, compared with the six-month average of 59 percent one day before expiration, data compiled by Bloomberg show. The India VIX, a gauge of protection against stock-market swings using options, surged 9.3 percent. The 50-stock Nifty Index added less than 0.1 percent to a record high of 8,914.30, capping a ninth day of gains, its longest streak since April.

“The rollover to February is strong on hopes the government will take steps to boost growth in the federal budget,” Suniil Pachisia, vice president at Pratibhuti Viniyog Ltd., said in a phone interview. “A lot of long positions are getting rolled” over, he said.

The Nifty has increased 7.6 percent this month, heading its steepest jump since May. Foreign 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 federal budget is due on Feb. 28.

CNX Nifty January futures slid 0.2 percent to 8,905.40, while the February contract declined 0.2 percent to 8,970. Indian derivatives expire on the last Thursday of every month.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

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