Indian shares open higher, led by HDFC Bank, Axis Bank

Indian shares opened higher on Monday, led by HDFC Bank and Axis Bank on strong pre-quarterly business updates, while lower crude oil prices also aided sentiment.

The benchmark Nifty 50 NSE:NIFTY rose 0.35% to 24,354.80, while the BSE Sensex BSE:SENSEX added 0.39% to 78,065.23, as of 9:20 a.m. IST.

Fourteen of the 16 major sector logged gains at the open. High-weight banks NSE:BANKNIFTY and financials NSE:CNXFINANCE rose 0.5% each, led by 2% rise in private lenders HDFC Bank NSE:HDFCBANK and Axis Bank NSE:AXISBANK.

Over the weekend, HDFC Bank reported a 15.4% increase in gross advances during the June quarter, with period-end deposits rising 14.7%, while Axis Bank reported an 18.8% growth in gross advances.