* NSE, BSE indexes up about 0.9 pct
* Financials, auto stocks lead gains
By Samantha Kareen Nair
Jan 5Indian shares rose on Thursday, tracking
gains in regional markets on upbeat global economic data and an
overnight bounce in oil prices, with investors cautiously
optimistic ahead of quarterly results and the federal budget.
MSCI's broadest index of Asia-Pacific stocks outside Japan
rose more than 1 percent, extending a rally that
has seen it gain 2 percent in the opening days of 2017.
India's benchmark BSE index hit its highest in nearly two
months, while the broader NSE index hit a near one-month high.
Traders said the Indian market would ultimately be driven by
corporate earnings, with Tata Consultancy Services and
Infosys scheduled to post their quarterly results on
Jan. 12 and Jan. 13, respectively.
India is also gearing up to its annual budget, and investors
hope Prime Minister Narendra Modi's government would keep
spending under control and promote growth after its move to ban
higher-value banknotes paralysed large parts of the economy.
"The budget is expected to be fiscally disciplined, with
hopes that the government may take measures to boost economic
recovery post the demonetisation impact," said Tirthankar
Patnaik, India strategist at Mizuho Bank.
"The key driver for markets will be earnings growth. Due to
the impact of demonetisation, we believe that earnings growth
numbers will pare down initially."
The broader NSE index was up 0.92 percent at 8,266.4
as of 0626 GMT, after touching its highest since Dec. 9 earlier
in the session.
The benchmark BSE index was 0.87 percent higher at
26,865.1, after hitting its highest since Nov. 11.
All sectors on the NSE index rose, with financials and auto
stocks gaining the most. ICICI Bank and State Bank of
India rose more than 1 percent, while Tata Motors
and Hero MotoCorp rose over 3 percent and 2
(Reporting by Samantha Kareen Nair in Bengaluru; Editing by