Indian shares rise 1.6 pct on overseas rally

MUMBAI Oct 30 (Reuters) - Indian shares rose 1.6 percent in early trade on Friday, spurred by a global markets rally, with investors cheering United States' return to economic growth.

At 9:57 a.m. (0427 GMT), energy giant Reliance Industries (RELI.BO) was up 0.4 percent, while Bharti Airtel (BRTI.BO) jumped 1.2 percent after they announced their September quarterly results.

State-run refiner Indian Oil Corp (IOC.BO) was down 3.25 percent at 305 rupees, after falling as much as 7.5 percent in early deals, as a fire erupted in its fuel storage facility.

The 30-share BSE index .BSESN was up 1.59 percent at 16,307.85 points, with 26 components advancing.

The 50-share NSE Index .NSEI was up 1.7 percent at 4,832.95. (Reporting by Ami Shah; Editing by Jarshad Kakkrakandy)