Celebrating Bharatiya Janata Party’s (BJP) landslide victory in Uttar Pradesh (UP) Assembly elections 2017, domestic equity markets registered notable gains in the late morning trade on Tuesday with banking stocks leading the rally.

The Banking index at the Bombay Stock Exchange (BSE) was trading at 24,175, up 549 points or 2.32 per cent. All the stocks in the index were trading with small to medium jumps.

ICICI Bank and Yes Bank jumped the most, up by 6 per cent and 3.2 per cent respectively while Federal Bank, Bank of Baroda, Punjab National Bank, IndusInd Bank, State Bank of India and Axis Bank were other notable gainers, up between 1.2-2.2%. HDFC Bank and Kotak Mahindra Bank rose around 0.8 per cent each.

Meanwhile the Sensex was trading at 492 points up at 29,438 while the Nifty was trading 145 points higher at 9,079 at 11.40 am.