MUMBAI, Nov 20 (Reuters) - Indian shares reversed early losses and rose 1 percent on Friday afternoon, led by Reliance Industries, as investor sentiment improved with European markets edging higher.

At 2:07 p.m. (0837 GMT), the 30-share BSE index was up 1.22 percent at 16,989.72 points, with 26 components rising, after falling as much as 0.9 percent.

Energy giant Reliance Industries was up 1.7 percent at 2,118.20 rupees.

The 50-share NSE index was up 0.9 percent at 5,034.85.

(Reporting by Ami Shah)

((ami.shah@thomsonreuters.com; +91 22 6636 9246; Reuters Messaging: ami.shah.thomsonreuters.com@reuters.net)) Keywords: INDIA STOCKS/1 PCT

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