* NSE index up as much as 0.8 pct; BSE index up 0.9 pct
* Sentiment boosted by positive GDP growth data
* Nifty finance set to snap 4-day losing streak
March 1 India's NSE index gained as much
as 0.8 percent on Wednesday, recovering from two days of losses
and nearing a key psychological level of 9,000, as a much
stronger-than-expected quarterly economic growth lifted
India's annual gross domestic product (GDP) grew 7 percent
in the October-December quarter, slower than 7.4 percent in the
previous quarter but much faster than the 6.4 percent expansion
forecast in a Reuters poll.
The data released late on Tuesday boosted markets, while
economists were puzzled, as many had expected that the
government's shock crackdown on cash would have a much bigger
negative impact on growth.
The market sentiment was also underpinned by a private
survey on Wednesday that showed Indian factory activity expanded
for a second straight month in February.
"The Indian market has been generally confident for a
while," said Dipen Shah, senior vice president and head of
private client group research at Kotak Securities.
"Certain triggers include optimism surrounding the proposed
roll-out of the Goods and Services Tax (GST) bill," Shah said,
adding that the progress of the ruling Bharatiya Janata Party
(BJP) in the key northern state of Uttar Pradesh was also
lifting market sentiment.
The broader NSE index rose as much as 0.8 percent to
8,950.25, while the benchmark BSE index gained as much
as 0.9 percent to 29,001.35.
Financial stocks recovered, with the Nifty Financial
Services Index rising as much as 1.2 percent, after
declining for four straight sessions. Axis Bank was up
2.5 percent, Bajaj Holdings and Investment rose 2
percent and ICICI Bank gained 1.3 percent.
Among decliners, shares of manganese ore miner Moil Ltd
fell to a two-month low, after the company cut prices
for different grades of manganese ore for the fourth quarter,
its second consecutive cut after a series of price hikes.
(Reporting By Samantha Kareen Nair in Bengaluru; Editing by