(Updates with closing prices)

By Junko Fujita

TOKYO, Nov 6 (Reuters) - Japan's Nikkei share average

rose more than 1% on Thursday, rebounding from the last

session's steep losses, as a strong overnight finish on Wall

Street revived risk appetite.

The Nikkei rose 1.34% to close at 50,883.68 and the

broader Topix gained 1.38% to 3,313.45.

Overnight, U.S. stocks rebounded as jitters over inflated

tech stock valuations abated and upbeat earnings and

better-than-expected economic data fuelled risk appetite.

Chip-related Advantest ( ADTTF ) rose 3.15% and technology

investor SoftBank Group climbed 2.92%. Chip-making

equipment maker Tokyo Electron ( TOELF ) reversed gains to end

0.36% lower.

Together, the three companies had accounted for nearly 80%

of the Nikkei's 2.5% decline on Wednesday.

"The Nikkei's move has been heavily influenced by only a few

stocks, such as SoftBank Group and Advantest ( ADTTF ). We need more

stocks that will lead the Nikkei's further gains," said Takamasa

Ikeda, senior portfolio manager at GCI Asset Management.

In October, the Nikkei crossed the crucial 50,000 mark for

the first time and climbed 16.64%, its biggest monthly gain in

35 years, while the Topix advanced 6.2%.

"This huge gap in the gains of the two main indexes is

unprecedented, and shows how much the Nikkei relied on the small

number of stocks to rise. It is a sign of vulnerability of the

Japanese stock market," Ikeda said.

Among individual stocks, Konica Minolta ( KNCAF ) jumped

15.45% to become the top percentage gainer on the Nikkei after

raising its annual net profit forecast to 27 billion yen ($179

million), compared with year-ago loss of 47.4 billion yen.

Nippon Steel ( NISTF ), Japan's biggest steel maker, fell

3.28% after flagging a 14% decline in annual profit before

one-offs for the current fiscal, excluding its outlook for U.S.

Steel due to significant challenges in the U.S. market.

($1 = 150.7800 yen)

(Reporting by Junko Fujita; Additional reporting by Katya

Golubkova; Editing by Sumana Nandy, Sherry Jacob-Phillips and

Mrigank Dhaniwala)