Improved quarterly results from heavyweights Reliance Industries Ltd and ICICI Bank Ltd lifted Indian markets higher on Monday, alleviating fears about a slow start to the earnings season.

As of 9:34 a.m. IST, the Nifty 50 was up 0.13% at 17,646.90, while the S&P BSE Sensex was up 0.12%.

Seven of the 13 key sectors indexes rose, with financials up 0.7%. The increase comes after ICICI Bank reported a 30% increase in March quarter profit, aided by higher net interest income and loan growth. Analysts hailed the earnings as "flawless execution" driven by strong asset quality. On Monday, ICICI Bank rose more than 2%.

Meanwhile, Reliance Industries, India's most valued firm, announced a 19% increase in fourth-quarter profit after market hours on Friday, buoyed by good performance in the oil-to-chemicals (O2C) segment. In the early going, the stock gained more than 1.3%.

Analysts said that the two businesses' excellent earnings, which account for about 20% of the overall weightage in the Nifty 50, should improve sentiment sullied by the poor results and outlook of leading information technology companies.

Macrotech Developers Ltd gained more than 3% after reporting a 39% year-on-year increase in profit to 7.44 billion rupees for the March quarter.