Indian shares rise as SBI lifts banking stocks after strong earnings

BENGALURU, Nov 5 (Reuters) - Indian shares climbed on Thursday as strong earnings from the country’s biggest lender State Bank of India (SBI) lifted banking stocks, with Reliance Industries and IT stocks supporting gains.

The NSE Nifty 50 index rose 1.29% by 0348 GMT 12,062.4 and the S&P BSE Sensex gained 1.31% to 41,145.67.

SBI on Wednesday reported an upbeat profit and said it expected stronger annual credit growth, sending its shares up 4.35% and lifting the Nifty banking index 1.6%.

The Nifty IT index also rose 1.3%, helped by a 2.3% gain in HCL Technologies and a 1.5% rise in Infosys.

India’s most valuable stock, Reliance Industries, was up 2.2%. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)