* NSE index up 0.78 pct, BSE index 0.82 pct higher
* Asian stocks extend gains, lifted by firmer oil
* Logistic stocks such as Gati and Allcargo rise
Oct 18 Indian shares bounced back from the
previous session's multi-month lows to trade nearly 1 percent
higher on Tuesday, helped by short-covering in stocks such as
Zee Entertainment Enterprises Ltd and Tata Steel Ltd
, while broader sentiment was underpinned by positive
Asian stocks extended gains, with MSCI's broadest index of
Asia-Pacific shares outside Japan up 1.2
percent, pulled higher by financials and a rebound in oil
Back home, investors now await a government meeting on the
goods and services tax (GST) for clarity on rates. The three-day
meeting of the GST Council, comprising federal and state finance
ministers, will decide the main tax rate and those for different
"I think markets today are drawing comfort from global
markets, which are positive. The GST outcome is not expected
before today evening or tomorrow, so it's the global cues that
are supporting for now," said Neeraj Dewan, director at Quantum
The benchmark BSE index was 0.82 percent higher at
27,765.45 as of 0549 GMT after posting its lowest close since
July 8 in the previous session.
The broader NSE index was up 0.78 percent at
8,587.15 after posting its lowest close since July 21 on Monday.
Among the gainers, Tata Steel rose 2.5 percent after falling
nearly 2 percent in the last three sessions, while Zee
Entertainment gained 2.2 percent after shedding 12 percent in
the previous four sessions.
Housing Development Finance Corp was up 2.3
percent after declining about 9 percent in the last seven
Logistics companies such as Gati Ltd and Allcargo
Logistics Ltd rose 3.4 percent and 2.1 percent
respectively, ahead of the GST Council meeting.
Shriram EPC jumped 12.2 percent after the
engineering services company said it got an order worth over 610
million rupees ($9.16 million) from the Karnataka Water
But Zensar Technologies dropped 2.2 percent after
its September-quarter profit slumped nearly 41 percent.
($1 = 66.5919 Indian rupees)
(Reporting by Aastha Agnihotri in Bengaluru; Editing by