October 31, 2018 / 6:16 AM / a year ago

Sensex rebounds as financials rally

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, December 28, 2017. REUTERS/Danish Siddiqui/Files

(Reuters) - Indian shares clawed back earlier losses to end higher on Wednesday, bolstered by a rally in financial stocks after the country’s government stressed that the Reserve Bank of India has autonomy, calming investors worried about a growing public rift with the central bank.

The broader NSE Nifty ended 1.85 percent higher at 10,386.60, while the benchmark BSE Sensex closed 1.63 percent higher at 34,442.05.

Still, the Nifty registered its worst month since February 2016, down 6.7 percent. The Sensex ended October 4.9 percent lower.

Housing finance companies were relieved after the government clarified its stance on the central bank, an analyst said, adding that the stocks may have been helped after a housing finance company said it had raised capital.

Indiabulls Housing Finance Ltd ended 8.5 percent higher, while Housing Development Finance Corp gained nearly six percent.

Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich

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