MUMBAI (Reuters) - The Nifty rose more than 1 percent on Monday, on track to snap its eight-session losing streak, on value buying in blue chips such as Housing Development Finance Corporation, while strength in Asian shares also helped.
The 50-share index lost as much as 4.4 percent in the eight straight sessions of falls, compared with a 1.5 percent gain in the MSCI Asia Pacific Ex Japan index.
Traders said concerns about rising tensions in the Middle East and that India's earnings growth would be protracted compared to estimates had been overdone, while the start of a new derivative series and a new fiscal year on Wednesday also helped.
Asian stock markets rose on Monday, with China stocks nearing a seven-year peak on hopes for more infrastructure spending and policy stimulus, while oil prices suffered further from excess supply.
"Value is emerging after tax management-led losses in the previous derivative series," said G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm, adding at least 5 percent upside was expected in the next two-three months.
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The Nifty was up 1.5 percent, while the Sensex was higher 1.6 percent.
Blue-chips led gains with HDFC rising 2.9 percent and ITC up 2.8 percent. Larsen & Toubro rose 2.9 percent and HDFC Bank advanced 1.9 percent.
(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)
