BENGALURU, Aug 17 (Reuters) - Indian shares eked out gains on Monday as Prime Minister Narendra Modi's assurance on mass production of COVID-19 vaccines and more infrastructure spending by the government boosted sentiment.

The NSE Nifty 50 index was up 0.33% at 11,214.50 by 0450 GMT, while the S&P BSE Sensex was up 0.23% at 37,963.60. Both indexes rose as much as 0.63% in early trade.

"Along with mass production, the roadmap for distribution of vaccine to every single Indian in the least possible time is also ready," Modi said in his Independence Day speech on Saturday.

He reiterated plans to improve the country's infrastructure by spending more than 110 trillion rupees ($1.47 trillion) on around 7,000 projects.

"Modi's points are helping some stocks but markets are still undecided and we could see a repeat of Friday's profit-taking," said Neeraj Dewan, director at Quantum Securities in New Delhi.

Indian equities saw a steep fall late on Friday and analysts say stocks are likely to so see further correction as they remain over-valued.

In Mumbai trading, IT and Metal stocks rose with the Nifty IT index and the Nifty Metal index rising over 1% each.

The Nifty Infrastructure Index was a tick higher after advancing 0.57% in early trade. Conglomerate Larsen & Toubro Ltd rose 2.46% and electric power generator NTPC Ltd added 3.51%

Banking stocks lost ground with the Nifty PSU Bank index and the Nifty private banking index slipping 1.26% and 0.8%, respectively.

Private sector lender Axis Bank Ltd fell 2.41% to a near 2-week low and was the top loser on the Nifty 50 index.

Shares of oil-to-telecoms conglomerate Reliance Industries Ltd slipped 1.5% and was among the top three drags on the index.

Meanwhile, India's COVID-19 death toll crossed 50,000 and total coronavirus stood nearly at 2.65 million as of Monday.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Arun Koyyur)