NSE Nifty, BSE Sensex shares gain, SBI, Sun Pharma up: Update

The BSE Sensex gains 0.21 percent, and the 50-share NSE Nifty index also rises 0.2 percent, after dropping to more than a four-week low on Tuesday and falling for five sessions out of six.

* Investors are cautious ahead of the 2013/14 federal budget to be unveiled later this month, which is seen as a key test of commitments to shore up finance.

* Foreign institutional investors (FIIs) can buy up to 49 percent shares in Infrastructure Developers Ltd and up to 30 percent in Radico Khaitan Ltd, the Reserve Bank of India said, raising the limits under portfolio investment scheme.

* IRB Infrastructure share gain 2.5 percent, Radico shares rise 3 percent.

* Leading the rise: State Bank of India (SBI) rises 0.7 percent on value buying, while Sun Pharmaceuticals up 0.9 percent on U.S. nod for cancer drug.

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