Sensex set for 4th session of gains on global cues

REUTERS - Indian shares edged up on Monday, heading for their fourth consecutive session of rises, tracking gains in Asian markets as investors looked ahead to key central bank meetings in the United States and Japan this week for clues on global monetary policies.

Risk appetite also improved following gains in global oil prices after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal.

Positivity in Asian markets along with foreign institutional investors coming back to buying mode helped prop up the market, said Anand James, chief market strategist, Geojit BNP Paribas Financial Services.

Overseas investors who have bought shares worth a net $181.36 million so far this month helped Indian shares gain in six out of 10 sessions in September.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.2 percent ahead of the Fed meeting on Sept. 20-21 and the Bank of Japan policy meeting on Wednesday.

The Federal Reserve could give a clear signal of an interest rate rise to come even if it follows market expectations for a pause this month.

The Nifty was up 0.4 percent at 8,814.20 as of 0624 GMT.

The Sensex was 0.32 percent higher at 28,691.24 after rising about 0.9 percent in the last three sessions.

Software services exporters contributed the most to Monday's gains with the Nifty IT index rising 1.06 percent. Tata Consultancy Services posted its biggest intraday percentage jump in over a month and was the top percentage gainer.

Shares of Heritage Foods Ltd surged as much as 8.56 percent to a record high of 890 rupees after the Economic Times newspaper reported that Future Group was in talks to buy the company's retail division.

ICICI Bank rose as much as 1.9 percent as unit ICICI Prudential Life Insurance Co's IPO opened for subscription on Monday.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)