Banking stocks lead markets to four-month high ahead of Diwali
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Mumbai : India’s stock indices logged the highest weekly gain in four months, up 1.7%, driven by momentum in banking stocks and optimism ahead of Diwali that led to a technical breakout in the benchmark. Analysts said that while short-term gains of around 500 points are possible, these may not be sustained after Diwali. The NSE Nifty finished Friday at 25,709.85, up 0.5% or 124.55 points from the day before. The BSE Sensex ended at 83,952.19, 0.6% or 484.53 points higher. Both indices gained 1.7% in the past week. The muhurat trading session that marks Diwali will be held on October 21. The Bank Nifty hit a record on Friday and closed 0.5% higher. In the past week, the index has gained close to 2%. The Nifty FMCG index advanced 1.4% while the healthcare index rose 0.8%. Consumer durables, pharma and auto indices moved 0.7% higher. “The gains in the banking stocks drove the market higher this week post their business update, which reflecte...