Indian shares rise

Indian shares rebounded smartly to a 12-week closing high on Thursday as investors cheered a slight easing in global oil prices and reports that monsoon rains had finally started to reach parched areas of the country.
The 30-share Mumbai Stock Exchange index rose 1.62 percent to 5,252.78 points, its highest close since May 13 - the day a left-backed, Congress-led coalition posted a surprise election victory, spurring worries about economic policy.
"There was buying all around as oil prices eased, and the monsoon outlook also boosted sentiment," said Ajit Sanghvi, director of MSS Securities. "This momentum will now push the index higher."
Earlier, a senior weather official forecast that rains in the June-September monsoon, which had been erratic in the first two months, would improve vastly in August and September.
Index heavyweight and energy giant Reliance Industries gained nearly 2 percent after announcing gas discoveries in new wells off the country's east coast.
State-run explorer and India's leading crude producer Oil and Natural Gas Corp rose 1.2 percent as global crude prices stayed firm, despite easing off record peaks. Together, the two companies make up more than a quarter of the index.
Auto makers rose on the improved monsoon outlook on hopes higher farm incomes would spur demand. Ashok Leyland, India's second-biggest truck maker, rose 3.2 percent. Hero Honda Motors, the top motorcycle maker, added 4 percent.
Tracking tech stock gains across Asia, No 3 software services exporter Wipro rose 6.2 percent and Satyam Computer Services, the No 4, gained 2.8 percent.
India's biggest IPO, of top software services exporter Tata Consultancy Services Ltd, closed on Thursday, and the issue of up to $1.2 billion worth of shares was 6 times subscribed.
Federal bonds edged up on a flurry of comments from senior finance ministry officials that inflation had peaked and that authorities would try to ensure interest rates stayed benign. The benchmark 10-year bond yield eased 2 basis points to 6.1365 percent. Earlier, a Reuters poll estimated India's inflation rate based on wholesale prices to have risen to 6.70 percent in the year to July 24 from 6.52 percent on July 17. Official inflation data is due around noon on Friday.