Indian banks rise after winning rating upgrades from S&P Global

** Shares of major Indian Banks advance post S&P upgrade; Banking index BANKNIFTY rises 1.2%, financial index CNXFINANCE up 1.5%

** S&P Global upgrades ratings for ten Indian financial institutions including HDFC Bank HDFCBANK, State Bank of India SBIN, AXIS Bank AXISBANK and ICICI bank ICICIBANK on August 14

** S&P expects asset quality of Indian banks to remain healthy

** Insolvency and bankruptcy code has improved the payment culture and rule of law in India, says S&P

** Move follows S&P's upgrade of India's sovereign rating

** YTD, banking index BANKNIFTY up 10%, financial index

CNXFINANCE up 13.75% vs Nifty 50's NIFTY 5.5% gain