Nov. 23 (Bloomberg) -- Indian stocks rose, with the benchmark Sensitive Index rising from a one-month low, after investors judged six straight days of losses as excessive. Larsen & Toubro Ltd. and Reliance Energy Ltd. led gains.

``There was a sharp rise in some stocks and valuations became a little stretched, which was followed by a sharp correction,'' said K.K. Mital, who helps manage 2 billion rupees ($50.5 million) of assets at Escorts Asset Management in New Delhi. ``Investors are now comfortable buying at these levels.''

The Bombay Stock Exchange's Sensitive Index, or Sensex, gained 210.57, or 1.1 percent, to 18,736.89 at midday local time. The index rose after its second six-day losing streak in a month, the longest since May 23, 2002. The S&P/CNX Nifty Index on the National Stock Exchange rose 47.05, or 0.9 percent, to 5,566.40. Nifty Futures for November delivery added 0.1 percent to 5,539.05.

Larsen & Toubro, India's biggest engineering company, rose 132.10 rupees, or 3.4 percent, to 4,074. The stock had dropped about 10 percent in the past five trading sessions. The share has almost tripled in the past year.

Reliance Energy, which has dropped 12 percent in the past three days, gained 77.90 rupees, or 4.9 percent, to 1,683. The stock has more than doubled in less than three months.

``There is a lot of value buying coming in at these levels,'' Mital said.

Crude oil traded near $97 a barrel, after reaching $99.79 this week.

Reliance, Hualon

Reliance Industries Ltd. rose 19.2 rupees, or 0.7 percent, to 2,748. The company has completed the purchase of the assets of Hualon Corp. of Malaysia, the Malaysian Reserve reported, citing a government official. The purchase amount will be announced next week, the report said, citing an unnamed official at the Malaysian Industrial Development Authority. The owner of the company, a Taiwanese family, had invested more than 4 billion ringgit ($1.2 billion) in Hualon, a maker of textiles, it said.

ICICI, the country's second largest lender, rose 10.10 rupees, or 0.9 percent, to 1,137.

Overseas funds sold a net 22.2 billion rupees worth of Indian shares on Nov. 20, according to information posted on the Securities & Exchange Board of India's Web site.

The following shares rose. Stock symbols are in brackets after company names.

DLF Ltd. (DLFU IN) gained 30.75 rupees, or 3.7 percent, to 853.50. Burger King Holdings Inc. may form a venture with DLF, India's biggest real estate company, to enter the local market, the Economic Times reported, citing people it didn't identify. The New Delhi-based property developer may act as a master franchisee for a quick-service restaurant chain in India, the newspaper said. Burger King can own a maximum of 51 percent in a venture under India's regulations, the newspaper said.

Siemens India Ltd. (SIEM IN) added 228.85 rupees, or 12 percent, to 2,160. The local unit of Europe's biggest engineering company said profit more than doubled in the three months ended Sept. 30, helped by a foreign currency gain. Profit climbed to 3.09 billion rupees in the fourth quarter from 1.37 billion rupees a year earlier, the Mumbai-based company said in a statement.

To contact the reporters on this story: Saikat Chatterjee in New Delhi at schatterjee4@bloomberg.net.

Last Updated: November 23, 2007 01:34 EST