Indian shares marked record closing highs on Friday, posting their fifth consecutive weekly gain, as financials and metal stocks rose tracking global markets on strong economic data. The benchmark BSE index closed up 0.54 percent at 34,153.85, while the broader NSE index ended 0.51 percent higher at 10,558.85.
Both indexes gained nearly 0.3 percent on week. "The US market is doing well and that is supporting Indian markets," said Sumit Pokharna, deputy vice president, Kotak Securities.
In early trade the benchmark BSE index was 0.40 percent higher at 34,103.92, after gaining as much as 0.61 percent to an all-time peak. Both the indexes were marginally higher for the week after four straight weekly gains.
Banking stocks rose after the lower house of parliament approved the government's plan to inject 800 billion rupees ($12.62 billion) into the sector as part of its recapitalisation plan. Yes Bank was the top percentage gainer with a rise of as much as 5.5 percent. The Nifty PSU Bank index climbed as much as 1.1 percent after Thursday's 2.7 percent rise.
Metal stocks also rose with the Nifty Metal index adding as much as 1.7 percent to hit a record high for a third straight session.
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