INDIA STOCKS-Indian shares extend gains as US pushes Iran ceasefire plan

By Bharath Rajeswaran and Vivek Kumar M

March 25 (Reuters) - Indian shares advanced on Wednesday after reports that the U.S. is seeking a month-long ceasefire in its war with Iran and has presented Tehran with a 15-point plan, raising hopes that the conflict may ease.

The Nifty 50 .NSEI rose 1.6% to 23,277.50, while the BSE Sensex .BSESN added 1.53% to 75,212.07, as of 9:50 a.m. IST. If advances hold, this will be the second consecutive session of gains.

Fifteen of the 16 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 2.7% and 2.2%, respectively.

Asian equities .MIAPJ0000PUS rose 1.7%, while oil LCOc1 slipped below $100 per barrel on expectations that any move toward a ceasefire could ease supply disruptions.

U.S. President Donald Trump said on Tuesday that Washington was making progress toward negotiating an end to the war, and a source confirmed the delivery of the settlement proposal to Tehran, Reuters reported. MKTS/GLOB

Iran has denied that direct talks are underway.

"Sentiment has improved significantly after reports of easing tensions between the U.S. and Iran, including the proposed ceasefire, which helped cool off crude oil prices," said Ajit Mishra, senior vice president of research at Religare Broking.

Domestic benchmarks are down about 7.6% each this month as elevated crude prices and energy-supply concerns intensified foreign outflows and clouded the economic outlook.

Foreign portfolio investors (FPI) have offloaded Indian stocks worth $11.37 billion in March, set for the highest monthly sales on record.

HDFC Bank HDBK.NS rose 2.1%, following a 2.8% rise in the previous session, after tapping external law firms to review ex-chairman's resignation.

United Spirits UNSP.NS was little changed after a consortium comprising the Aditya Birla Group, Times of India Group, Bolt Ventures and Blackstone BX.NS said it would buy IPL franchise Royal Challengers Bengaluru from the company for $1.78 billion.

Sun TV SUTV.NS and RPSG Ventures RPSG.NS, owners of IPL franchises Sunrisers Hyderabad and Lucknow Super Giants, rose 2.5% and 15.6%, respectively, as the reported RCB deal improved the valuation outlook for IPL teams.