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Indian shares rise as banks, techs regain in choppy session

BENGALURU, Oct 16 (Reuters) - Indian shares rose in a choppy trading session on Friday as banks and tech stocks recovered from a sell-off in the previous session, but gains were capped by weak sentiment in global markets due to rising COVID-19 cases in Europe and the United States.

The NSE Nifty 50 index was up 0.67% at 11,758.20 by 0534 GMT, while the S&P BSE Sensex was up 0.64% at 39,983.94.

“It has been a market where any fall has been bought into strongly and the bounce has been even stronger... valuations could remain elevated as market is expecting earnings to catch up,” said Siddhartha Khemka, head of retail research at Motilal Oswal.

Before the slide on Thursday, banks and IT stocks had fuelled gains in equities for 10 straight sessions.

The Nifty Bank index, which ended 3.4% lower in the previous session, rose 1% on Friday morning, led by a 1.1% rise in HDFC Bank and 1.4% gain in IndusInd Bank .

The Nifty IT index, up 8.6% so far this month gained as much as 1.6% in early trading and is now 0.4% up.

The Nifty Energy index was up 0.6%, with state-run refiner Bharat Petroleum Corporation adding 2.7% to be the top gainer on the Nifty 50.

Shares of Tata Group firms Titan Company, Tata Steel and Tata Consultancy Services rose between 0.7% and 2.1%. The conglomerate had on Thursday said it had not received any formal proposal from the Shapoorji Pallonji Group to separate its interests.

Reporting by Philip George in Bengaluru; Editing by Arun Koyyur

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