Indian shares snap eight-day rally; finance minister's conference in focus

BENGALURU, Nov 12 (Reuters) - Indian shares snapped an eight-session rally on Thursday, dragged down by banking and financial stocks, and ahead of an announcement by the country’s finance minister later in the day.

The NSE Nifty 50 index fell 0.26% to 11,720.65 by 0340 GMT and the S&P BSE Sensex was down 0.27% at 47,478.04.

India’s finance minister, Nirmala Sitharaman, will address a press conference at 1230 local time on Thursday, a government statement said without divulging more details.

However, government officials told Reuters on Wednesday the country was planning to announce a fresh round of stimulus totalling about $20 billion this week.

The Nifty’s banking and financial indexes shed 1% each after rallying for eight straight sessions.

Mortgage lender HDFC Ltd fell about 2% and Kotak Mahindra Bank slid 1.5%.

Miner Coal India, which reported a lower September-quarter profit on Wednesday, declined 3.4% in early Thursday trading.

Carmaker Mahindra and Mahindra was the session’s top gainer, rising 2.7%. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)