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India stocks post weekly gains as banks advance

ICICI Bank, Axis Bank pace gains

MUMBAI (NewsRise) -- Indian shares advanced this week, led by ICICI Bank and other lenders, as investors bet that the worst of asset quality problems may be over.

The BSE Sensex and the broader Nifty 50 Index rose 1.8% each this week, marking their sixth weekly advance in seven. ICICI Bank was the biggest contributor to the gains on both the indexes, climbing 10% to close at 311.10 rupees, its highest in two months. While the bank reported that its March quarter net profit halved from a year earlier amid an increase in provisioning, analysts highlighted the reducing pace of incremental slippages on a quarter-on-quarter basis. They also noted the relative modest valuations of the lender compared with other private banks.

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