Bank Nifty up 2%; HDFC Bank, IndusInd Bank at record highs

Gains in bank shares have lifted the Bank Nifty near its 52-week high on expectations of more reforms to push the economy on the growth track after Narendra Modi-led BJP emerged as the largest party in Maharashtra, the country's largest industrial State and is poised to form a government in Haryana after acquiring a majority.

State-owned banks which led the Bank Nifty include PNB, SBI, Bank of India, Bank of Baroda and Canara Bank up 1.8-3.5% each.

Among the private sector banks, Kotak Mahindra Bank, Yes Bank, HDFC Bank and IndusInd Bank were up 1.2-3% each. HDFC Bank touched a record high of 909.60 and IndusInd Bank touched a record high of 674.90 on the NSE.

Axis Bank was up nearly 3% after it reported a 18 per cent rise in net profit to Rs 1,611 crore in the July-September quarter, as compared to Rs 1,362 crore in the same quarter of the previous financial year, helped by higher net interest income and other income.

The Bank Nifty is currently up 2.2% at 16,274 after touching an intra-day high of 16,297.25 a shade closer to its 52-week high of 16,309.70.

HDFC Bank

Kotak Mahindra Group

National Stock Exchange of India Ltd (NSE)

Bank Of Baroda