Indian shares mostly flat; Reliance gains nearly 1%

BENGALURU, Sept 30 (Reuters) - Indian shares were mostly muted on Wednesday as a weakness in banking shares was offset by gains in heavyweight Reliance Industries after an investment deal by General Atlantic in the conglomerate’s retail arm.

The broader NSE Nifty 50 index was flat at 11,225 and the S&P BSE Sensex was mostly unchanged at 37,953.61 by 0346 GMT.

Reliance Industries Ltd was the top boost to the Nifty 50 index, gaining nearly 1%, after the company said U.S. Fund General Atlantic plans to invest 36.75 billion rupees ($498.31 million) for a 0.84% stake in its retail arm.

The Nifty bank index fell 1% and the public sector bank index slid 1.2%.

Investors are also awaiting clues about the Indian economy from the August infrastructure data and the fiscal deficit numbers due later in the day. (Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)