Indian shares extend gains to 1 pct

MUMBAI Aug 11 (Reuters) - Indian shares extended gains to more than 1 percent in midday trade on Tuesday as some long-term investors took advantage of a 5.6 percent drop over the past three sessions to enter the market.

Energy giant Reliance Industries (RELI.BO), which has the most weight in the main index, rose 2.6 percent to 2,038.05 rupees, after dropping 4.3 percent over the past three sessions.

Top utility vehicle maker Mahindra & Mahindra (MAHM.BO) gained 5.1 percent to 797 rupees after sliding 17.6 percent over the previous three sessions.

At 12:05 p.m. (0635 GMT), the 30-share BSE index .BSESN was up 0.9 percent at 15,144.13 points, with 20 stocks gaining, after rising to as high as 15,174.53. The benchmark had fallen almost 1 percent earlier.

The 50-share NSE index .NSEI was up 1 percent at 4,481.20. (Reporting by Pratish Narayanan; Editing by Himani Sarkar)