BENGALURU, April 29 (Reuters) - Indian shares rose on Monday, as post-results gains in ICICI Bank and SBI Life Insurance lifted heavyweight financials.

The NSE Nifty 50 was up 0.53% at 22,538.95 as of 10:34 a.m. IST, while the S&P BSE Sensex added 0.77% to rise to 74,296.70.

Financial services, the heaviest-weighted segment in the Nifty 50, rose 0.8%. Nine of the 13 major sectors logged gains.

Private lender ICICI Bank rose 2.3% to a record high, after reporting a March-quarter profit that beat analysts' estimates on strong loan growth.

SBI Life Insurance rose 3% after its margin for the value of new business fell the least among its peers - 28.1% in fiscal 2024 from 30.1% a year earlier.

ICICI Bank and SBI Life were the top two Nifty 50 gainers, by percentage.

"Financials have been able to show robust performance on the earnings front, keeping markets buoyant and the trend looks likely to continue," said Jyoti Prakash Gadia, managing director at wealth management firm Resurgent India.

Analysts attributed the rise in domestic equities over the last few sessions to March-quarter earnings.

"Positive earnings are triggering sustained buying by domestic institutional investors," said Kush Gupta, director at SKG Investments & Advisory.

Yes Bank climbed 6% after posting a bigger-than-expected rise in fourth quarter net profit, helped by a drop in loan-loss provisions and higher non-interest income.

Software services provider HCLTech fell 6% after reporting smaller-than-expected fourth-quarter revenue as weakness in demand and client spending weighed.

Apollo Hospitals Enterprise fell 8% and was Nifty 50's top loser by percentage. Reuters reported on Friday that private equity firm Advent International is set to invest in its unit Apollo Healthco and merge its online pharmacy business with pharmacy distributor Keimed.

The valuation of 224.81 billion rupees for the joint entity disappointed investors.

BSE slumped 16% after India's markets regulator directed the stock exchange operator to pay regulatory fees on annual turnover based on notional value of options contract.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza, Sonia Cheema and Janane Venkatraman)