* NSE index up 0.4 pct, BSE 0.3 pct
* Value-buying across sectors - analyst
* Bharti Infratel up after Goldman Sachs upgrade
By Tanvi Mehta
Dec 28 Indian shares rose for a second
consecutive session on Wednesday, extending a rebound, as
bargain-hunting investors bought shares in sectors including
healthcare that were hit hard in a recent selloff.
The NSE and BSE indexes, which gained about 1.6 percent in
the previous session, their biggest in nearly three weeks, had
declined in eight out of nine sessions as of Monday's close.
The NSE index hit a seven-month low in the start of
the week on worries about capital outflows from emerging markets
to the United States after Donald Trump's election win and
India's move to ban higher-value currency notes.
But investors are once again picking up shares, although
markets are expected to remain volatile given thin trading
volumes this week.
"There has been some value-buying," said Jayant Manglik,
president of retail distribution at Religare Securities.
"Also a level of short-covering as Tuesday's gains caught
all the short-sellers by surprise."
The broader NSE index was up 0.41 percent at
8,065.80 as of 0556 GMT, after rising 1.6 percent on Tuesday in
its biggest daily percentage gain since Dec. 8.
The benchmark BSE index was 0.32 percent higher at
Nifty Pharma index, which rose about 2 percent in
the previous session, gained as much as 1.34 percent on
Wednesday with Piramal Enterprises and Divi's
Laboratories posting biggest gains. As of Monday's
close, the index had fallen 9.7 percent in the past nine
Bharti Infratel, the top percentage gainer on NSE,
rose as much as 3.7 percent, after Goldman Sachs upgraded the
stock to "neutral" on Tuesday, saying accelerated 4G deployment
by telecom companies is likely to result in strong tenancy
growth for the company.
Shares of Bharat Financial Inclusion rose as much
as 10.5 percent to their highest in nearly a week after the
company said on Tuesday that Morgan Stanley units raised stake
by 1.1 percent to 7.86 percent on Dec. 23.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Amrutha