Nifty hits record high; banks rally ahead of earnings

MUMBAI (Reuters) - The Nifty gained as much as 0.64 percent on Monday to hit a record high as lenders such as Axis Bank rallied ahead of their earnings results, while strong gains in debt markets reduced concerns about potential losses in the sector's bond portfolios.

The Nifty rose to a record high of 6,822.60, surpassing its previous all-time high of 6,819.05 hit on April 10.

Axis Bank rose 2.9 percent ahead of its earnings results due on Friday. State Bank of India advanced 2.6 percent.

The Sensex gained 0.6 percent, hovering just below its record high of 22,792.49 points hit on April 10.

(Reporting by Indulal PM; Editing by Anupama Dwivedi)