BENGALURU: Indian shares touched a more than two-week high on Monday and were set to post a third straight session of gains, lifted by technology stocks and as easing oil prices tempered inflation fears.

The NSE Nifty 50 index rose 1.18% to 15,884.95, as of 0354 GMT, and the S&P BSE Sensex climbed 1.18% to 53,351.16.

Broader Asian peers also gained on Monday after a strong close on Wall Street last week, as oil slid on demand worries, easing fears of prolonged inflation and aggressive Federal Reserve tightening.

The Nifty IT index was the best performing sub-index in Mumbai, jumping nearly 3% to its highest level since June 10.

Food delivery firm Zomato rose as much as 3.1% to a more than three-week high as the company said it would buy local grocery-delivery startup Blinkit for 44.47 billion rupees ($567.94 million) in an all-stock deal. ($1 = 78.3000 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Amy Caren Daniel)