Indian shares edged higher for a fifth consecutive session on Friday, marking their best week in over three months, as investors expect a second term for the incumbent government.

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The benchmark BSE Sensex closed up 0.71 percent at 38,024.32, ending the week 3.7 percent higher. The broader NSE Nifty advanced 0.74 percent to 11,426.85, gaining 3.5 percent for the week. Both indexes posted their best weekly gain since November 30.

Nifty Gainers

Among top Nifty gainer this week, private lender IndusInd Bank's shares surged 12.2 percent with the stock hitting a five-month high of Rs 1685 on Thursday.

The stock has recovered 26 percent from its 52-week low of Rs 334 on October 31 last year. The decline had come on concerns over its exposure to the cash-strapped Infrastructure Leasing & Financial Services (IL&FS) group.

Telecom major Bharti Airtel shares climbed 9.4 percent this week despite Jefferies downgrading the stock to underperform from hold rating. The stock was the top loser on the Sensex on Friday.

Downstream companies Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd gained 10.8 percent and 7.9 percent, respectively this week. Adani Ports shares also surged 7.3 percent this week.

Nifty Losers

Among major losers, Tech Mahindra shares slipped 1.5 percent this week amid the rupee strengthening against the US dollar. The IT firm gained on Friday, closing 1.4 percent higher after the company approved to acquire 100 percent stake in Japanese company K-Vision Co.

The enterprise value of the deal is $19 1.5 million and it is expected to close by March 31, 2019. K-Vision is primarily engaged in providing network services for mobile communication carriers in Japan.

UltraTech Cement slipped 1.4 percent this week amid muted outlook on the sector. A Bank of America Merrill Lynch report on Friday said cement companies in South India have rolled back prices raised recently. The BofAML report rated the UltraTech Cement shares underperform.

Cipla, Tata Motors and ITC were other major losers on the Nifty pack, down in the range between 0.4 percent and 1.4 percent.

MidCap gainers

In the midcap space, CG Power and Industrial Solutions added more than 21 percent this week. The smallcap capital goods stock has risen more than 21 percent in the last one week and 50 percent in the last one month amid reports that its lender may convert their loans into equity.

NBCC surged 15.2 percent after the state-run infrastructure firm shared its plan to deliver flats for crisis-hit realty developer Jaypee Infratech. The company also plans to infuse Rs 500 crore into Jaypee Infratech. It believes this amount would come from selling the company's assets, including 2,000 acres of land bank and 6,000 unsold flats. Arvind, IDFC and DLF were other major mid-cap gainers this week, rising between 12 and 14 percent.

MidCap Losers

Shares of Anil Dhirubhai Ambani Group traded under pressure this week, as lenders invoked shares pledged by the promoters with Reliance Capital falling 8.4 percent to Rs 172 at Friday's close.

Dewan Housing Finance Corp Ltd fell 5.5 percent this week amid rating cuts by agencies. The stock ended positive on Friday after an ET report on Thursday suggested NHB has not found any major deviation in the mortgage lender's books.

Jet Airways shares slipped 3.3 percent this week as the State Bank of India-led debt restructuring faced lack of clarity from Etihad Airways. Dabur and Godrej Consumers were other major losers this week, falling 1.6 percent and 1.3 percent, respectively.

(With inputs from agencies)