* NSE index up 0.58 pct, BSE 0.54 pct higher
* BOJ maintains negative interest rate
* Essel Propack hits record high
Sept 21 Indian shares rose on Wednesday, heading
for a fifth session of gains in six, as global sentiment was
lifted after the Bank of Japan (BOJ) overhauled its policy
framework and recommitted itself to more policy easing in the
With concerns growing in recent days that the BOJ along with
other major central banks is reaching the limits of its massive
stimulus programme, the latest volley of measures is likely to
support risk appetite in the short term.
The announcement sent Japanese stocks higher while MSCI's
broadest index of Asia-Pacific shares outside Japan
rose 0.35 percent.
Markets are also awaiting the U.S. Federal Reserve policy
decision due later in the day. Though the Fed is not expected to
raise rates, investors will comb the U.S. central bank's
statement for any clues on the timing of the next rate hike.
"For India and emerging markets, this (BOJ decision) is
positive," said Neeraj Dewan, director at Quantum Securities,
adding it could bring in more inflows to these markets.
However, Dewan noted the Fed decision is waited for further
direction in markets.
The broader NSE index was up 0.58 percent at
8,826.55 as of 0611 GMT, boosted by financials which contributed
about 12 index points.
The benchmark BSE index was 0.54 percent higher at
28,677.30, after falling as much as 0.54 percent on Tuesday.
The Nifty Bank index was up 0.34 percent after
falling as much as 0.55 percent in the previous session.
The Nifty Auto index gained 0.84 percent after
ending 0.7 percent lower on Tuesday.
Shares of Essel Propack rose as much as 10.42 pct
to a record high after the company said unit Lamitube
Technologies will raise its stake to 100 percent in Essel
(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu