October 31, 2018 / 10:36 AM / 9 months ago

Indian shares rebound as financials rally

Oct 31 (Reuters) - Indian shares clawed back earlier losses to end higher on Wednesday, bolstered by a rally in financial stocks after the country’s government stressed that the Reserve Bank of India has autonomy, calming investors worried about a growing public rift with the central bank.

The broader NSE index ended 1.85 percent higher at 10,386.60, while the benchmark BSE index closed 1.63 percent higher at 34,442.05.

Still, the NSE index registered its worst month since February 2016, down 6.7 percent. The BSE index ended October 4.9 percent lower.

Housing finance companies were relieved after the government clarified its stance on the central bank, an analyst said, adding that the stocks may have been helped after a housing finance company said it had raised capital.

Indiabulls Housing Finance Ltd ended 8.5 percent higher, while Housing Development Finance Corp gained nearly six percent. For midday report, click (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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