Sensex gains more than 100 points, banks rebound

Reuters Market Eye - The BSE Sensex and Nifty rise more than 0.5 percent, heading for their fifth gain in the last six sessions.

Banks lead the gains, recovering from falls on Thursday sparked by weaker global shares. State Bank of India gains 1.1 percent on value buying after the stock fell more than 2 percent in the previous session. ICICI Bank gains 1.7 percent.

A survey showing brisk U.S. manufacturing activity gave Asian stock markets a lift on Friday and bolstered the dollar.

But Shree Renuka Sugars slumped 6 percent on fears of equity dilution after Singapore's Wilmar International said on Thursday it agreed to invest up to $145 million for a major stake in the company.

Overseas investors bought Indian shares worth 2.06 billion rupees on Wednesday, extending their buying streak to a seventh consecutive session, provisional exchange data shows.

The BSE Sensex was up 145 points while the Nifty gained 44 points at 11.50 a.m.

(Reporting by Indulal PM)