* NSE index up 0.13 pct, BSE index 0.25 pct higher
* Market focus shifts to Fed meeting next week
* Sheela Foam soars on market debut
By Darshana Sankararaman
Dec 9 Indian shares rose slightly on Friday,
heading for their biggest weekly gain in more than three months,
as additional stimulus from the European Central Bank helped
offset disappointment about the Reserve Bank of India's decision
to hold rates.
Banks were among the leading gainers, despite the RBI's
surprise rate move after it reversed an order that had forced
lenders to surrender all their extra cash and place it under the
cash reserve ratio.
Global sentiment was also buoyed after Wall Street hit
record highs on Thursday and after the ECB extended it
asset-buying programme for a longer period than many analysts
had expected, though it trimmed the size of its purchase.
Asian shares, however, edged down on Friday with MSCI's
broadest index of Asia-Pacific shares outside Japan
dipping 0.3 percent.
"Yesterday, the markets captured the announcement that was
expected from the ECB, which has now decided to continue with
its stimulus package," said Saurabh Jain, assistant
vice-president of research at SMC Global Securities.
The broader NSE index was up 0.13 percent at
8,257.30 by 0535 GMT, while the benchmark BSE index was
0.25 percent higher at 26,760.09.
Both indexes have gained more than 2 percent so far this
week, heading for their best weekly gain since the week ended
Some banks rose on Friday with the Nifty Bank index
up 1.6 percent this week. State Bank of India rose
1.5 percent, and was up 3.82 percent for the week.
Among other gainers, Sheela Foam Ltd, the maker of
"Sleepwell" mattresses, surged as much as 39.45 percent in its
market debut compared with its IPO price of 730 rupees.
The Nifty IT index rose for a second straight
session, gaining as much as 1.25 percent, led by Infosys Ltd
and Tech Mahindra Ltd.
Among decliners, auto stocks fell after sharply rising in
the previous session. Bajaj Auto Ltd and Eicher Motors
Ltd dropped 2 percent and 1 percent, respectively.
(Reporting by Darshana Sankararaman in Bengaluru; Editing by