Oversees, Bidding,3G, spectrum,Telecoms sector,BSE, Sensex, rises ,Satyam, Top Gainers, Gainers, Bharti Airtel , Reliance Communications, Telecom
Leading telecoms Bharti Airtel and Reliance Communications were among the top gainers, after the central bank on Wednesday allowed telecom firms to access oversees markets to fund their bids for 3G spectrum, which India plans to auction in January.
The BSE Sensex rose 0.4 percent on Thursday as strong European peers and expectations for robust industry output data on Friday lifted investor appetite for risk and helped the market recoup early losses.
Private-sector lender ICICI Bank, and engineering and construction firm Larsen & Toubro also led the main index higher.
Mahindra Satyam jumped as much as 9.1 percent after it said on Wednesday it would pay $70 million to Britain-based Upaid Systems Ltd in a patent suit settlement which analysts say lifts uncertainty from the Indian technology outsourcer.
Parent Tech Mahindra rose 2.2 percent to 1,017 rupees.
"Recently, GDP data came in much better than expected. The view in the market is that industrial data tomorrow could show very strong growth," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services.
"We have a strong correlation to overseas markets, and Europe is doing well."
India's annual industrial output growth probably surged in October on robust consumer demand and government spending.
The median forecast in a Reuters poll of 21 analysts is for an annual rise of 10.3 percent, accelerating from a provisional 9.1 percent growth in September.
The economy grew 7.9 percent in the quarter through September, the fastest rate in 18 months and smashing expectations for 6.3 percent expansion.
The 30-share BSE index ended up 0.37 percent, or 64.09 points, at 17,189.31, with gainers and losers evenly matched. It had fallen as much as 0.5 percent earlier as investor confidence across Asia was dented by credit worries in Europe and the Middle East.
Fitch Ratings has downgraded Greece, while Moody's cut the ratings of six Dubai-linked issuers after concluding that no "meaningful" government support would be provided to top firms like DP World.
Investors had looked to cash in profits from a 3 percent rally over the past two weeks on the concerns, but dealers said long-term investors such as institutions were looking to buy into dips in the market.
India's benchmark BSE index is up more than 78 percent this year on hopes India will be one of the leaders in helping the global economy turn around.
The jump has outstripped the benchmark MSCI Emerging Markets Index that gained nearly 70 percent and a 29 percent rise in the MSCI all-country world stock index.
Overseas funds, which have pumped almost $16 billion into Indian stocks this year, are expected to sustain the market in the long term even though there may be a dip in the short term.
No. 1 telecoms firm Bharti climbed 3.4 percent to 342.35 rupees, while rival Reliance Communications ended up 2.2 percent at 185.70 rupees.
ICICI Bank rose 2.5 percent to 876.25 rupees, while Larsen rode up 2 percent to 1,686.55 rupees.
Mahindra Satyam ended up 5.3 percent at 108.05 rupees, after rising to 112 rupees.
In the broader market, gainers led losers 1,682 to 1,169 on relatively moderate volume of 472.1 million shares.
The 50-share NSE index rose 0.4 percent to 5,134.65.
Asian shares were lower on Thursday, with Japan's Nikkei down 1.4 percent, while MSCI's measure of other Asian markets fell 0.1 percent.
At 1043 GMT, the FTSEurofirst 300 index of top European shares was up 0.8 percent.
MAIN TOP 3 BY VOLUME
* GVK Power & Infrastructure on 13.8 million shares
* Mahindra Satyam on 12.5 million shares
* Unitech on 9.7 million shares
STOCKS THAT MOVED
* Micro Inks soared 20 percent to 629.55 rupees after the company said it plans to delist from Indian bourses as founder and majority shareholder MHM Holding GmBH would acquire shares held by the public.
* Simplex Projects rose 3.2 percent to 232 rupees after the company said it won three orders worth 4.07 billion rupees for irrigation-related construction work in the northern state of Uttar Pradesh.
* FCS Software Solutions leapt 20 percent to 14.88 rupees after the company said its board concluded the placement of 10 million global depositary receipts at $2.41 per GDR. The GDRs will be listed on the Luxembourg Stock Exchange.
* Western India Shipyard rose 5 percent to 11.19 rupees after the company said late on Wednesday it received an order for the repair of a deep-water oil rig valued at about 50 million rupees. This is the eighth oil-rig order received by the company, it said.
(Reporting by Pratish Narayanan; Editing by Ranjit Gangadharan)
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