Indian shares opened on a positive note on Monday as investors lauded a solid set of second-quarter earnings in large-cap companies such as ICICI Bank Ltd and Dr. Reddy's Laboratories Ltd.
The broader NSE Nifty was up 0.6 percent at10,091 as of 0602 GMT, while the benchmark BSE Sensex was 0.6 percent higher at 33,540.32.
This follows a tumultuous week across the globe amid heightened worries about corporate earnings and a slowdown in global economic growth.
ICICI Bank, India's third-largest bank by assets, reported a bigger-than-expected 56 percent fall in second-quarter net profit on Friday, but said asset quality improved, catapulting shares 9.1 percent to a two-month high.
ICICI's larger rival HDFC Bank fell as much as 3.4 percent to its lowest since April 23, while Kotak Mahindra Bank Ltd dropped 5.2 percent.
"ICICI's results stood out, and money is moving there, which is much cheaper than Kotak and HDFC," said Naveen Kulkarni, Head of Research at Reliance Securities. "ICICI, which has been lagging the other two banks, could now be playing catch-up."
Axis Bank climbed 7.3 percent, while public-sector giant State Bank of India rose 4.8 percent.
The Nifty PSU Bank index rose as much as 4.6 percent.
Dr. Reddy's Laboratories Ltd advanced 6.4 percent, clocking its biggest intraday gain since May 22, after the drugmaker posted a better-than-expected rise in second-quarter profit, helped by higher sales in some emerging countries.
Macquarie and Citi raised their target price on the stock, with a 'neutral' rating.
The Nifty pharma index jumped 4.3 percent.
Conglomerate Reliance Industries Ltd rose as much as 2.4 percent.