September 29, 2016 / 7:01 AM / a year ago

Indian shares rise; energy stocks up on overnight rally in oil prices

* NSE index up 0.32 pct; BSE index 0.24 pct higher

* OPEC agrees to first output cut in 8 years

* Energy, banking stocks rally

Sept 29 (Reuters) - Indian shares edged higher on Thursday, in line with global markets, as oil stocks gained after OPEC members agreed to curb output in a surprise move on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC) agreed to limit production to a range of 32.5-33.0 million barrels per day, its first such deal since 2008, to weather a prolonged oil price slump.

Asian shares rose, with MSCI’s broadest index of Asia-Pacific shares outside Japan climbing 0.9 percent by mid-morning. Japan’s Nikkei was up 1.4 percent, after losing 1.3 percent on Wednesday.

India’s Nifty energy index rose as much as 1.26 percent, after three sessions of falls. Oil and Natural Gas Corp Ltd and Reliance Industries Ltd gained as much as 2.52 percent and 1.84 percent, respectively.

“There is some positivity after global and Asian markets opened on a positive note; U.S. markets ended on a positive note,” said Anand James, chief market strategist, Geojit BNP Paribas Financial Services.

The broader NSE index was up 0.32 percent at 8,772.70 by 0625 GMT, after rising as much as 0.63 percent earlier in the day.

The benchmark BSE index was 0.24 percent higher at 28,361.09, after gaining up to 0.65 percent.

However, trading was expected to be volatile ahead of the expiry of monthly derivatives contracts.

Among the gainers, banking stocks rose for the second straight session, led by Yes Bank Ltd, which climbed as much as 2.65 percent.

Among the losers, India’s biggest private sector life insurer ICICI Prudential Life Insurance Co Ltd dropped as much as 8 percent on its market debut on Thursday.

Hindustan Copper Ltd fell as much as 5.26 pct to its lowest since Sept. 16, after a regulatory filing on Wednesday said the government was selling 7 percent stake in the state-run miner. (Reporting by Darshana Sankararaman in Bengaluru; Editing by Amrutha Gayathri)

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