Axis Bank, Kotak Mahindra Bank, YES Bank, HDFC Bank and ICICI Bank were up 1%-5% on the National Stock Exchange (NSE).

At 1347 hours, Bank Nifty - the NSE banking share index, was up 1.7% or 321 points at 19,137, as compared to 0.80% rise in the benchmark CNX Nifty at 8,592.

Among the individual bank, Axis Bank the largest gainer, up nearly 5% to Rs 612, while YES Bank and Kotak Mahindra Bank up 4% each at Rs 833 and Rs 741 respectively. Kotak Mahindra Bank hit a record high of Rs 743 in intra-day trade.

HDFC Bank up 1% at Rs 1,110, too hit a lifetime high of Rs 1,115 on the NSE in intra-day trade.

Meanwhile, according to JP Morgan Global Equity Research, despite macro concerns (rebound in oil, rise in rates) India still offers long-term value, with private banks seeing accelerating market share trends and solid fundamentals.

The asset quality improved at private banks and loan growth was high at +24% year-on-year (YoY) on average for the group. “Market share” gains at private banks look to be accelerating, given better capital and reserve coverage (they still only control around 20% of lending), JP Morgan said in a report dated July 9, 2015.