Indian shares scale 5-month high as Bajaj Finserv, HDFC Life jump

BENGALURU (Reuters) - Indian shares climbed to a five-month high on Tuesday, lifted by sharp gains in Bajaj Finserv and HDFC Life Insurance, as investors looked past faster-than-expected inflation print.

The NSE Nifty 50 index was up 0.53% at 18,031.55, as of 0346 GMT, while the S&P BSE Sensex rose 0.51% to 60,424.12.

Bajaj Finserv, a holding company for financial services businesses, surged 6.3% ahead of the record date for a stock split and bonus issue of shares.

HDFC Life Insurance Company jumped 4.7% to its highest since June 9. Reuters reported on Tuesday that British asset manager abrdn plc would sell a stake in HDFC Life through a block trade on Tuesday.

Meanwhile, data released after market hours on Monday showed India's inflation accelerate to 7% in August, piling more pressure on the central bank to hike interest rates again later this month.

Investors are also eyeing U.S. inflation data that will offer cues for interest rate outlook.

(Reporting by Chris Thomas in Bengaluru; Editing by Neha Arora)