Axis gains 3.7 percent as results beat estimates

Reuters Market Eye - Axis Bank shares rise 3.7 percent after the bank posts better-than-expected March quarter results. Results, which came on Wednesday, showed net profit was at 15.55 billion rupees versus estimates of 12.77 billion rupees.

Other banking shares also rise with the NSE banking index trading up 1.3 percent. SBI rises 1.3 percent, Punjab National Bank up 1.3 percent, Union Bank gains 3 percent.

Investors broadly bullish on rate-sensitive stocks such as banks ahead of the RBI's monetary policy on May 3 where it is widely expected to cut rates by 25 basis points.

(Reporting by Swati Bhat)