Indian shares rose on Thursday, snapping a three-day losing streak as investors saw some of the losses in the previous sessions in sectors such as financials as overdone, with sentiment also boosted by higher global markets. The broader NSE index ended 0.6 percent higher at 9,086.30 while the benchmark BSE index also closed 0.6 percent higher at 29,332.16.
"The bounce-back is due to both global and local factors. Mutual funds are getting record-high inflows everyday. Flows have been very strong on both domestic and FII (Foreign Institutional Investors) fronts," said Miraj Vora, derivative analyst at Prabhudas Lilladher Pvt Ltd.
As per the provisional data available on the NSE website, FIIs were net buyers of stocks worth 3.57 billion rupees on Wednesday. Energy sector topped the gains on the NSE index while the S&P BSE Oil & Gas index gained 1.42 percent. Major oil marketing companies, including Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd and Indian Oil Corp Ltd, were all up more than 2 percent each even as oil prices remained under pressure. The finance and the auto sector recovered from the previous day's fall.