BSE Sensex hits one-month high; banks, oil shares gain

MUMBAI (Reuters) - The BSE Sensex rose to its highest close in about a month on Friday as lenders such as HDFC Bank gained on growing hopes the central bank will cut interest rates, while energy stocks gained as the government sought to spend more on oil subsidies.

HDFC Bank shares rose 2.42 percent, while mortgage lender HDFC Ltd gained 4 percent.

Oil and Natural Gas Corp Ltd gained 1.7 percent after the Indian government sought parliament's approval to spend an additional 247.74 billion rupees on oil subsidies in the current fiscal year that ends in March.

The BSE Sensex rose 1.4 percent, ending at its highest close since February 4 and posting its biggest weekly gain since the week ended on November 30, 2012.

 

The 50-share Nifty gained 1.4 percent.

(Reporting by Manoj Dharra; Editing by Rafael Nam)