Banks, autos boost European shares; Renault rises

* FTSEurofirst 300 gains 1 pct after Tuesday sell-off

* Automakers among top gainers; Renault rises 4.8 pct

* Banks gain; investors await Fed's rate decision

* For up-to-the-minute market news, click on [STXNEWS/EU]

By Atul Prakash

LONDON, Nov 4 (Reuters) - European shares bounced back on Wednesday after sharp losses in the previous session, with banks gaining ground ahead of the U.S. Federal Reserve's rate decision and with Renault (RENA.PA: Quote, Profile, Research) leading automobile stocks higher.

At 0920 GMT, the FTSEurofirst 300 index of top European shares was up 1 percent at 978.66 points after falling 1.2 percent to a one-month closing low on Tuesday.

The index, which is up 17.6 percent so far in 2009, has gained 51 percent since hitting a record low in early March.

Auto shares were in demand, with European carmakers rising 2.8 percent to feature among the biggest gainers, bouncing back from a 14-percent selloff over the past two weeks, after Nissan Motor (7201.T: Quote, Profile, Research) revised its annual forecast. [ID:nSP536647]