Last checked at * BSE index gains 2.25 pct; NSE ends 2.35 pct higher * India PM likely to make statement on economy on Friday * FIIs sell over $1 bln worth of shares in nine sessions By Abhishek Vishnoi MUMBAI, Aug 29 (Reuters) - Indian shares rose over 2 percenton Thursday as blue chip shares including HDFC surged tracking arebound in the rupee from a record low in the previous sessionafter the central bank's move to provide dollars directly to oilcompanies. The rupee rebounded after the Reserve Bank of Indiaannounced late on Wednesday a special window "with immediateeffect" to sell dollars to state-run oil companies through adesignated bank. Still, traders say the government will ultimately need toact to shore up India's sagging economy. Policymakers are atleast seen scrambling for solutions to what some economists arenow describing as a crisis. Indian Prime Minister Manmohan Singh also told parliament hewas willing to make a statement on the state of the economy onFriday, when the lawmakers asked him what steps the governmentwas considering to take to deal with the falling rupee. "More government measures are expected but more walk thantalk is required," said Deven Choksey, managing director of K RChoksey Securities. The benchmark BSE index rose 2.25 percent, or404.89 points, to end at 18,401.04, rising for a secondconsecutive session. The broader NSE index rose 2.35 percent, or 124.05points, to end at 5,409.05. It had risen as much as 2.7 percentearlier in the day but August derivatives expiry related sellingweighed in the final hour of trade. The stocks gained for the second day in spite of foreignselling of about $1.12 billion worth of shares in the previousnine sessions through Wednesday. Whether shares can sustain the gains will depend ongovernment action, traders said. India's central bank should look into the possibility ofmonetising gold holdings, Trade Minister Anand Sharma said onThursday, while Oil Minister Veerappa Moily said India isworking out the details of measures aimed at lowering thecountry's fuel consumption. Among blue chip shares mortgage lender Housing DevelopmentFinance Corp Ltd surged 6.5 percent and ITC Ltd ended 2.5 percent higher. India's state-owned oil companies gained after the RBIannounced measures to provide dollars to Indian Oil Corp Ltd, Hindustan Petroleum Corp and BharatPetroleum Corp "until further notice". IOC rose 0.9 percent and BPCL ended 1.2 percent higher,while HPCL fell 0.5 percent after earlier rising as much as 3.4percent. Oil and Natural Gas Corp Ltd also gained 2.1percent on expectations of a hike in diesel prices afterparliament's monsoon session ends on Sept. 6. Software exporters such as Tata Consultancy Services and HCLrose to record highs on improving U.S. business prospects. Tata Consultancy Services Ltd ended 2.1 percenthigher after earlier making its all-time high at 1,970 rupees,while HCL Technologies Ltd rose 3.8 percent afterhitting a record high of 1,026.15 rupees. Tata Motors Ltd rose 2.7 percent after Barclaysupgraded shares to "overweight" from "underweight", citingimproving performance at unit Jaguar Land Rover Ltd (JLR). However, among stocks that fell, Fortis Healthcare Ltd dropped 1.5 percent after Morgan Stanley downgraded itto "underweight" from "equal-weight", saying an improvement inmargins/returns will take time as leverage remains high. For additional stocks on the move double click FACTORS TO WATCH * Dollar rises vs yen as Syria concerns ease slightly * Oil falls towards $115 as supply risks reassessed * Shares up on likely delay in Syria action * Foreign institutional investor flows * For closing rates of Indian ADRs ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General Asia Macro data
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BP softens tone on 2030 oil output cut to reassure investors
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