* Both NSE, BSE indexes up 0.5 pct each
* Bounce-back after recent selling - analyst
* Shares of IT, pharma companies rise
By Tanvi Mehta
Dec 27 India's NSE index rose half a
percent on Tuesday, rebounding from a seven-month low hit in the
previous session, as investors bought into shares of companies
such as drug makers that were hit recently.
Indian shares had declined in eight out of the previous nine
sessions on worries about outflows from emerging markets to the
United States and continued concerns about India's move to ban
higher-value currency notes.
On Monday, shares were further hit by worries that the
government would impose higher taxes on investors, though some
of the fears subsided after Finance Minister Arun Jaitley said
there were no plans to raise long-term capital gains taxes.
After the selling over the last few days, there is a "bit of
bounce back based on confidence-building measures by the finance
minister," said Alok Ranjan, head of research at Way2Wealth
The broader NSE index was up 0.54 percent at
7,951.20 as of 0657 GMT, boosted by IT and pharma stocks. The
index fell to its lowest since May 25 on Monday.
The benchmark BSE index was 0.5 percent higher at
25,936.61 after touching its lowest since Nov. 21 on Monday.
Aurobindo Pharma Ltd and Lupin Ltd were
up 2 percent each after falling about 3 percent on Monday.
The Nifty Metal index was up 1 percent after
declining about 3 percent on Monday.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu