Indian shares rose, led by Reliance Industries Ltd., after the Economic Times reported the company was in talks to set up a real estate fund through a venture with U.S.-based Vornado Realty Trust.

Nagarjuna Fertilizers & Chemicals Ltd. paced gains in fertilizer stocks after the government said it will give bonds worth 36.1 billion rupees ($905 million) to 23 companies for selling products below cost to farmers.

OnMobile Global Ltd., a telecommunications software maker, rose on its trading debut and Shopper's Stop Ltd. was poised for its biggest gain in 21 months on a report two business groups were interested in buying the retailer. The company denied the report.

``The broad market is looking good, and institutions are shopping at these levels,'' said Deepak Mehta, head of treasury at Networth Stock Broking Ltd.

The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 106.19, or 0.6 percent, to 18,154.24 at 2:29 p.m. local time. The S&P CNX Nifty rose 20.25, or 0.4 percent, to 5,297.15. Most Asian markets also rose.

Overseas funds bought a net 11.5 billion rupees of Indian shares on Feb. 15, according to information posted on the stock market regulator's Web site.

``Foreign fund data has been positive after a long time of net sales,'' said Networth's Mehta. ``The market should be range-bound within a 1,000-point range in the coming weeks.''

Reliance Retail

Reliance Industries, the nation's largest company by market value, gained 18 rupees, or 0.7 percent, to 2,570 after the Economic Times said it was in talks with Vornado to start a property fund with initial capital of more than $1 billion.

The proposed venture will manage the realty assets of Reliance's retail arm, the newspaper said, citing people it didn't identify.

OnMobile Global gained as much as 32 percent on its first day of trading on the Bombay Stock Exchange, adding 139.9 rupees to 579.90. The Bangalore-based company sold shares at 440 rupees apiece last month.

Shopper's Stop jumped 45.05 rupees, or 11.4 percent, to 441, poised for its biggest gain since May 10, 2006. Nagarjuna Fertilizers increased 1.45 rupees, or 2.8 percent, to 54.20.