* BSE index up 1.2 pct; NSE index gains 1.1 pct
* Higher Asian stocks also help
MUMBAI, March 30 (Reuters) - India's NSE index 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 HDFC.NS , while strength in Asian shares also helped.
The 50-share index .NSEI 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 .MIAPJ0000PUS .
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. MKTS/GLOB
"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.
The NSE index was up 1.1 percent, while the benchmark BSE index .BSESN was higher 1.2 percent.
Blue-chips led gains with HDFC rising 2.1 percent and ITC ITC.NS up 2.8 percent. Larsen & Toubro LART.NS rose 2.3 percent and HDFC Bank HDBK.NS advanced 1.4 percent.
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