Indian Shares Modestly Higher In Cautious Trade

(RTTNews) - Indian shares were modestly higher in early trade on Monday after having suffered a sharp setback last week amid an escalating U.S.-Iran conflict.

Investors continued to assess the potential impact of global energy disruptions after U.S. President Donald Trump on Saturday said the United States may carry out additional strikes on Iran's Kharg Island oil export hub "just for fun".

An Iranian military spokesperson warned that ports, docks and "American hideouts" in the United Arab Emirates could be targeted.

The benchmark BSE Sensex was up 335 points, or half a percent, at 74,889 while the broader NSE Nifty index edged up by 96 points, or 0.4 percent, to 23,247.

Among the top gainers, Adani Ports, Bajaj Finance, SBI, HDFC Bank, Tata Steel and UltraTech Cement surged 1-3 percent.

Jindal Stainless fell about 1 percent after informing that its plants are operating at a reduced capacity because of fuel shortages amid disruptions from the Middle East War.

Adani Power added 1.7 percent after winning a significant Letter of Award from Maharashtra State Electricity Distribution Company.

Seamec gained 1.5 percent on bagging a contract worth Rs. 410.74 crore from ONGC.

Bajel Projects soared 11.5 percent on securing a ultra-mega engineering, procurement and construction (EPC) order worth over Rs. 700 crore from Maharashtra State Electricity Transmission Company.

Airline InterGlobe Aviation rose 1.6 percent as Citi maintained a Buy rating on the stock with a Rs. 5,100 target.