Indian shares rally for eighth day as Infosys, private sector banks shine

BENGALURU, Oct 12 (Reuters) - Indian shares rose on Monday for an eighth straight session, driven by gains in IT major Infosys Ltd and private-sector lenders, while investors also eyed inflation data due later in the day.

The NSE Nifty 50 index rose 0.6% to 11,989.00 as of 0346 GMT, while the S&P BSE Sensex was up 0.7 % at 40,798.97. IT major Infosys Ltd, due to report results later this week, was up 0.6%.

Shares in UTI Asset Management and Mazagon Dock Shipbuilders are set to make their debut on the exchanges later in the day, while consumer price inflation data is due at 1200 GMT.

India’s central bank appealed to the country’s top court to let banks classify loans as non-performing, saying a ban imposed to help borrowers in the COVID-19 pandemic could greatly harm the nation’s financial system. That helped banking stocks, sending the Nifty banking sub index up 1%.

Reporting by Philip George in Bengaluru; Editing by Rashmi Aich