Markets post third consecutive weekly gain

Stock markets hit their highest in 2.5 months on Friday and posted their third consecutive weekly gain given a Greece default is seen as factored in, while better-than-expected progress of the monsoon also helped sentiment.

Among gainers, HDFC Bank rose 1.5 per cent on relative valuations, while drugmaker Lupin rose 1.7 per cent after an acquisition in Russia.

The Nifty rose 0.47 per cent to end at 8,484.90, after earlier hitting its highest level since April 23. It advanced 1.2 per cent for the week.

The BSE Sensex rose 0.53 per cent and closed at 28,092.79, after earlier hitting its highest level since April 20. It gained 1 per cent for the week.

(Reuters)