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Bank Nifty posts biggest weekly gain in 10 years

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bank nifty, all time high

New Delhi: Nifty has moved closer to its crucial psychological level of 7,500 in trades on Friday on the back of buying in metal, banking and real estate stocks.

In the last four trading sessions, the Sensex has surged 1,644 points, its biggest weekly gain in more than four years. The Sensex ended today's session 39 points higher at 24,646 and Nifty rose 10 points to shut shop at 7,485.

The investor sentiment was boosted after the Finance Minister Arun Jaitley stuck to the path of fiscal consolidation by maintaining fiscal deficit target of 3.5 per cent of GDP for FY16-17 and at the same time focusing on government's push for higher infra and rural spending.

Banking shares which were among the most beaten down stocks till last week showcased a rally this week. The banking index on the National Stock Exchange, Bank Nifty surged 11.2 per cent and the PSU Bank index surged 18.2 per cent.

 

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