INDIA STOCKS-Indian shares inch higher after recent slide

By Reuters News

By Bharath Rajeswaran and Vivek Kumar M

Sept 21 (Reuters) - Indian shares edged higher on Monday, aided by bargain-buying following recent losses, while elevated crude prices and heightened primary market activity limited the gains.

Iran and the U.S. exchanged new threats, with President Donald Trump warning Iran would fail economically or face its leadership being wiped out if it didn't make a deal, and the Iranian military saying it would retaliate harshly.

India's Nifty 50 .NSEI rose 0.13% to 23,376.70 and the BSE Sensex .BSESN added 0.50% to 74,665.35, as of 10:19 a.m. IST. The indexes have fallen for six straight weeks, their longest losing streak in six years.

"While bargain buying and short-covering may follow the past six weeks' slide, domestic market sentiment remains cautious to neutral," said Saurabh Jain, deputy vice president of equities at SMC Global.

Investor focus is on the National Stock Exchange of India's$2.3 billion IPO, which closes on Monday after being fully subscribed on Friday.

Thirteen of the 16 major sectors advanced. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 were muted.

Brent crude futures eased 2.1% to $101.7 per barrel on hopes of a recovery in shipments from Saudi Arabia. O/R

HDFC Bank HDBK.NS and ICICI Bank ICBK.NS rose about 0.6% each, while Reliance Industries RELI.NS gained 1.1%. All three carry large weights on the benchmarks.

Among stocks, refrigerant gas maker Refex Industries REFE.NS advanced 4% after securing an order worth $16.7 million.

Welspun Corp WGSR.NS gained 5% after its unit East Pipes Integrated Company won an order from Saudi Aramco 2223.SE worth about $209 million.

Logistics firm Leap India LEAN.NS gained 2.6% after UBS started coverage with "buy" terming it a play on modernisation of the country's supply chain.

Indian Hotels IHTL.NS rose 2% after Morgan Stanley upgraded the shares to "overweight" from "equal-weight" and the raised price target, citing a resilient earnings outlook and attractive valuations after recent correction.

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