BENGALURU: Indian shares inched lower on Monday, dragged by consumer and information technology stocks, while banks scaled a record high after strong quarterly earnings from private lender ICICI Bank.

The blue-chip NSE Nifty 50 index was down 0.2% at 18,088 by 0355 GMT, while the benchmark S&P BSE Sensex fell 0.1% to 60,775.46.

Shares of ICICI Bank rose 7.1%, helping the Nifty bank index reach a fresh high, after the lender posted an about 25% surge in quarterly profit on Saturday.

The bank index rose 1.1%, while the fast moving consumer goods index and the IT sub-index fell 1% and 0.9%, respectively.

India's monetary policy committee sees the need for continued policy accommodation as the economic recovery remains fragile, with the rise of inflation less steep than expected, minutes of the October meeting showed.