(Repeats for wider distribution; no changes to text)
* BSE rises 0.67 pct, NSE up 0.84 pct
* Ranbaxy surges 27.6 percent
* Rupee gains, adds to broad market rally
By Himank Sharma
MUMBAI, Aug 8 Indian shares snapped two days of
losses on Thursday, helped by a surge of 27.6 percent in Ranbaxy
Laboratories on upbeat quarterly sales in the U.S. at a time
when it is facing stringent scrutiny from the drug regulator
there, while a rupee recovery also supported the broader market.
Dollar-selling by exporters and expectations of more central
bank measures strengthened the beleaguered rupee,
adding to the broad market rally.
Indian stocks have fallen in 10 of the last 12 trading
sessions, as investors turn wary of slowing growth and the
weakening rupee, which tumbled to a record low on Tuesday
despite the central bank's cash-draining measures.
"It's been a tough few weeks to be managing Indian and
emerging Asian equities, and sentiment towards India is pretty
much at rock bottom at the moment," said Jonathan Schiessl,
investment manager of Ashburton Global Funds Chindia Equity
The benchmark BSE index closed 0.67 percent, or
124.46 points, higher at 18,789.34.
The broader NSE index ended 0.84 percent, or 46.55
points, higher at 5,565.65.
The NSE index has lost 7.3 percent since the central bank
first announced the liquidity draining measures on July 15.
Shares in Ranbaxy Laboratories, India's top
drugmaker by sales, zoomed over 30 percent on Thursday after it
clocked better-than-expected sales in its key U.S. market.
The results were a relief after its shares had tumbled 36
percent as of Wednesday's close since the drug maker pleaded
guilty to U.S. felony charges related to drug safety and agreed
to pay $500 million in settlement
Shares in India's top car maker Maruti Suzuki India Ltd
ended 4.07 percent higher after the central bank
removed restrictions on shareholding of foreign institutional
Midcap stocks, which have faced the brunt of the recent
selloff in Indian equities, also staged a comeback with auto
ancillary firm Bharat Forge Ltd jumping 16.93 percent.
The NSE Midcap index, which has lost 15 percent
since the beginning of June, ended 1.24 percent higher.
However, drugmaker Lupin added to Wednesday's falls,
slipping another 3.25 percent to end at 801.35 rupees, while Sun
Pharmaceutical Industries Ltd dropped 3.13 percent
after unit Taro Pharmaceutical Industries Ltd reported
a lower net profit.
For additional stocks on the move double click
FACTORS TO WATCH
* Dollar hits 7-week low as Aussie shines on China data
* Brent slips below $107, shuns robust China oil data
* Robust China trade data lifts shares, dollar weak
* 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.....
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
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 <ECONASIA
(Reporting by Himank Sharma; Editing by Prateek Chatterjee)