MARKET EYE-Indian shares up on foreign support; blue chips lead

* Indian shares stronger on Monday, with the benchmark BSE index

0.45 percent higher, while the broader NSE index

gains 0.47 percent.

* Gains are being supported on the back of strong flows from

foreign institutional investors (FIIs), who were net buyers of

9.9 billion rupees ($159.35 million) worth of shares on Friday,

according to exchange data.

* FIIs have bought more than $517 million in equities in the

last two trading sessions, even after the U.S. Fed announced

last week a long-expected decision to trim its bond purchases.

* A range of blue chips lead gainers, with ICICI Bank Ltd (NYSE: IBN - news)

up 1.02 percent, Larsen & Toubro Ltd rises

1.13 percent.

* State-run banks also gain on value buying: Canara Bank Ltd

advances 4.68 percent, Union Bank of India Ltd

jumps 4.15 percent and Punjab National Bank (BSE: PNB.BO - news)

is up 2.99 percent.

* United Spirits Ltd is down 2.11 percent after a

regional court annuls sale of the Indian spirits maker to

British group Diageo Plc (LSE: DGE.L - news) .

(Himank.Sharma@thomsonreuters.com/himank.sharma.thomsonreuters.

com@reuters.net)