Indian shares rise on Reliance, pharma gains; GDP data awaited
Updates with mid-session trading
By Bharath Rajeswaran
Nov 29 (Reuters) -Indian shares climbed on Friday after a steep drop in the previous session, driven by gains in heavyweight Reliance Industries and drugmakers, while investors also awaited economic growth data due later in the day.
The NSE Nifty 50 .NSEI rose 0.72% to 24,092.9 points by 10:32 a.m. IST, while the BSE Sensex .BSESN gained 0.74% to 79,637.21.
The broader smallcap and midcap indexes rose 0.6% and 0.3%.
Both benchmarks fell about 1.5% each in the previous session amid concerns about U.S. interest rates and as traders adjusted their positions on monthly derivatives expiry.
Reliance Industries RELI.NS, the second-heaviest stock in the Nifty 50 index, climbed about 1% after shedding 1.7% on Thursday. Reliance shares have slid around 13% in the past two months.
All 10 Adani Group stocks traded higher, with Adani Green ADNA.NS gaining 13% and Adani Energy ADAI.NS adding 11%, recouping some of the losses triggered by a U.S. indictment against key officials last week. The Adani Group has denied the allegations.
Drugmaker Divi's Lab DIVI.NS gained 2.5% after Citi reiterated a "buy" rating, terming it the top pick in India's pharmaceutical sector. Divi's was among the top gainers in pharma stocks .NIPHARM, up around 2%.
Cipla CIPL.NS rose 2% as PrabhudasLilladher upgraded it to"buy" from "accumulate", citing positive earnings outlook.
After Indian equities'recent correction, the current market offers opportunities for stock selection as pockets of attractive valuation exist, said Ashish Ranawade, head of products of Emkay Wealth Management.
The benchmarks brieflyslipped into correction territory earlier this month and are down about 8.5% and 7.6% from the all-time highs hit on Sept. 27.
Also in focus is India'sgross domestic product data, due after the close, with economists estimating the economy grew 6.5% in July-September - the slowest pace in one-and-a-half years - due to slackening demand.
Mahindra and Mahindra MAHM.NS rose 2% after denying a report that it was likely to face emission penalties of 73 billion rupees ($863.94 million).
($1 = 84.4970 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy, Savio D'Souza and Janane Venkatraman
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