BENGALURU, Sept 29 (Reuters) - Indian shares rose on
Thursday after six consecutive sessions of losses, boosted by
gains in beaten down metals and energy companies, with investors
eyeing initiatives from central banks to allay fears of a global
The NSE Nifty 50 index rose 0.6% to 16,948.50 as of
0511 GMT, while the S&P BSE Sensex gained 0.5% to
Global equities staged a partial comeback after Britain's
central bank launched an emergency bond buying programme to
stabilise the market in an attempt to dampen investors' concerns
of a contagion across the financial system.
"Thursday's bounce has more to do with UK's measures and
positive global cues. Some amount of short squeeze also can
happen due to the expiry day," said Anita Gandhi, director at
Arihant Capital Markets.
Investors were likely positioning ahead of the Reserve
Bank of India's policy decision on Friday, when the central bank
is widely expected to raise interest rates, analysts said.
"More than rate hikes, the commentary of the RBI will
also be very essential," Gandhi said, adding that sharp
correction in the markets has made valuations look "attractive."
Foreign institutional investors (FIIs) sold a net 27.72
billion Indian rupees ($340.5 million) worth of equities on
Wednesday, while domestic investors purchased 25.44 billion
rupees of shares, as per provisional data available with the
National Stock Exchange.
FIIs have sold nearly 106.97 billion rupees worth Indian
equities so far into the week until Wednesday, NSE data showed.
The Nifty metals index rose 2.5% after losing
nearly 7% this week as of Wednesday, while the energy index
gained 1% after falling nearly 5%.
Hindalco Industries was the top Nifty 50
gainer, rising 3.5%, while Asian Paints the top loser,
Indian cosmetics-to-fashion retailer Nykaa's parent FSN
E-Commerce Ventures rose as much as 5.6% after the
company said it will consider an issue of bonus shares.
($1 = 81.4060 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio
D'Souza and Dhanya Ann Thoppil)