BENGALURU, Jan 18 (Reuters) - Indian shares fell on Monday as non-banking financial companies slipped on reports that the country’s central bank could propose tighter rules for the sector, while HDFC Bank rose to a record high after strong quarterly results. The blue-chip NSE Nifty 50 index fell 1% to 14,286 and the benchmark S&P BSE Sensex was down 0.8% at 48,635.84 by 0506 GMT. “Markets have run up from 13,200 levels continuously. A little of consolidation is perfectly fine. Unless we see a substantial correction in global markets all these dips will be bought in,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors in Mumbai. The Reserve Bank of India is expected to set out proposals in a discussion paper this week, recommending that bigger shadow banks hold a share of deposits in cash, gold or government securities, Reuters reported. “If there are regulations in terms of statutory appropriations like cash reserve ratio and statutory liquidity ratio, then HDFC Ltd along with other NBFCs will get affected,” Macquarie analyst Suresh Ganapathy said in a note to clients on Monday. “Any such strict regulations if implemented at a time when economic growth is very weak could severely constrain ability of NBFCs to lend and further jeopardise growth.” Shares of HDFC Ltd fell 2%, while Bajaj Finance and Bajaj Finserv dropped over 3%, dragging down the Nifty 50 index. Dewan Housing Finance Corp, however, rose 5% after the company’s creditors voted for a 372.5 billion rupees ($5.09 billion) takeover bid by the Piramal Group for the troubled “shadow” lender on Friday. Meanwhile, HDFC Bank shares rose as much as 2.1% to hit a record high, after India"s top private sector lender reported 18% jump in December quarter profit on Saturday. (bit.ly/2M0V9Aa) (Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich and Arun Koyyur)