Indian shares rose on Monday as gains in the country's no.2 private lender ICICI Bank on better-than-expected quarterly profit spurred a rise in heavyweight financials.
The NSE Nifty 50 rose 1% at 22,643.40, while the S&P BSE Sensex added 1.28% to 74,671.28, logging their best sessions in eight weeks.
Top lenders ICICI Bank, State Bank of India (SBI) and Axis Bank hit record highs and were among the top five gainers on the Nifty 50.
Financial stocks rose 2.14%, with ICICI Bank climbing 4.72% to hit a record high in its best session in over two years. The lender, on Saturday, posted March-quarter profit that beat analysts' estimates on strong loan growth.
ICICI Bank's results continue to surprise positively, analysts at Investec said in a note.
"The lender remains on track to deliver strong growth and profitability over the medium term and hence should sustain premium valuations," they added.
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