* NSE index up 0.46 pct, BSE index 0.33 pct higher
* BSE index heads for first session of gain in seven
* Maruti Suzuki among top gainers
By Arnab Paul
Nov 22 (Reuters) - Indian shares on Tuesday bounced back
from six-month lows hit in the previous session, led by IT and
auto stocks, with sentiment turning positive as Asian shares
rallied after all three major U.S. stock indexes hit record
Asian shares were also lifted as crude prices
touched their highest for the month after comments from Russian
President Vladimir Putin raised the odds of a freeze in oil
The benchmark BSE index was headed for its first
gain in seven sessions, while the broader NSE index was
headed for its first winning session in four.
But analysts warned the gains were unlikely to last amid
growing concerns that the government's shock move to remove
higher-denomination banknotes from circulation would hit the
economy more than expected.
"Right now, the markets are just easing up after yesterday's
losses, but this is likely to change by the end of the day,"
said Mugilan K., deputy manager of research at Cholamandalam
"I expect Nifty to fall to 7,650 levels very soon and it
could get worse. Don't expect any substantial upward movement at
least until February next year."
The BSE index was up 0.33 percent at 25,848.92 as of 0624
GMT, while the broader NSE index was 0.46 percent higher
Both indexes had hit their lowest since May 25 on Monday, on
worries sparked by Prime Minister Narendra Modi's demonetisation
Auto and IT stocks led the gains with Maruti Suzuki
up 2.5 percent after falling 3.3 percent on Monday.
Infosys rose 1.9 percent after declining 1 percent in
the previous session.
A rise in crude prices also saw energy stocks gain with Oil
and Natural Gas Corp hitting its highest in almost a
Among decliners, engineering company Larsen & Toubro Ltd
was down 2.2 percent ahead of its September-quarter
results scheduled later in the day.
(Reporting by Arnab Paul in Bengaluru; Editing by Subhranshu