Mumbai: India’s benchmark BSE Sensex index crossed the psychologically-important 35,000 mark, for the first time in two months, mirroring the gains in Asian peers. Banking stocks and Reliance Industries Ltd, led the gains for the benchmark index.

In Intraday trade , the Sensex advanced 0.9% or 290 points higher at 35,020.32 points. The National Stock Exchange’s (NSE) 50-share Nifty gained 0.8% or 89 points higher at 10,701.70 points.

After falling 3% in opening trade, Axis Bank rebounded and surged nearly 5% as it said asset quality is expected to normalize in 2018-19. The bank reported its first ever loss since listing to Rs2,189 crore in March quarter as it made higher provisions for its bad loans.

Other banks gains too. ICICI Bank Ltd advanced 3.4%, State Bank of India added 4%, Yes Bank 1%, Punjab National Bank 1.4%.

Reliance Industries Ltd gained 3% ahead of its March quarter earnings due later 3.30pm. According to 7 Bloomberg analyst estimates, the company may report a revenue of Rs1.16 trillion while profit will be at Rs93.47 billion.

Analyst sees the next direction for markets from the upcoming elections and key quarterly earnings.

Earnings growth of Indian companies is expected to pick up pace for the second straight quarter in the three months ended March, although it would still take a quarter or two before significant earnings upgrades come through. Profits of the 30 firms in the benchmark Sensex are expected to grow 9.7% from a year earlier in the March quarter, while sales are likely to rise 14.2%, Mint reported.

Five Indian states are due for elections before January 2019, and the general elections are likely by May next year.

Of the ten Nifty companies that have reported their January to March earnings so far, net incomes at six have matched or beaten analyst estimates, according to data compiled by Bloomberg.

Seventeen of the 19 sector gauges compiled by BSE Ltd gained, paced by the S&P BSE Realty and BSE Energy indices which rose 1.8% each. BSE IT Index and BSE Teck indices fell 0.7% and 0.5% respectively.