Bank Nifty could extend record-breaking run on positive shows from HDFC Bank, ICICI Bank

India's banking benchmark Bank Nifty may continue its record-breaking streak following the positive earnings show from blue-chip banking heavyweights HDFC Bank and ICICI Bank. The positive September quarter earnings results from large-cap private lenders can extend the banking index's gains.

On Friday, the Bank Nifty jumped for the third straight session, settling at a fresh closing high of 57,713. During the session, the index hit a lifetime record at 57,830. From its 52-week low, the benchmark has rallied over 20 percent to hit new highs. The gains could extend, as ICICI Bank and HDFC Bank are likely to see strong buying momentum in trade on Monday, October 20 after their positive September report card.

HDFC Bank reported a 10.8 percent year-on-year rise in net profit to Rs 18,641.3 crore for the September quarter, aided by higher other income and steady core performance. India’s largest private sector lender’s profit comfortably surpassed Street estimates.

ICICI Bank reported a 5.2 percent year-on-year rise in standalone net profit to Rs 12,358.9 crore for the July-September quarter, compared with Rs 11,745.9 crore in the same period last year. The lender’s net interest income, which marks the difference between interest earned and interest expended, stood at Rs 21,529.5 crore, up from Rs 20,048 crore a year earlier.