Sensex, Nifty gain ground over Moody's upgrade

Moody’s India upgrade Investor wealth surges by Rs 1.71 lakh cr as stocks zoom

The 30-share BSE Sensex gained 235.98 points or 0.71 percent at 33,342.80 and the 50-share NSE Nifty rose 68.80 points or 0.67 percent to 10,283.60.

Mumbai: Key Indian equity indices on Thursday broke their three-day losing streak and provisionally closed in the positive territory, with the BSE Sensex surging over 300 points during the mid-afternoon session.

The Sensex touched a high of 33,520.82 points - its new intra-day high - and a low of 33,380.39 points in the trade so far.

There was widespread value-buying amid firm global cues. Still both the indices provisionally closed with handsome gains.

"Moody's India ratings upgrade is an acknowledgement of the economic and structural reforms undertaken over past few of years".

The benchmark index of Bombay Stock Exchange (BSE) gained further on Friday by 235.98 points to 33,342.80 as worldwide rating agency Moody's has upgraded India's sovereign bond rating to Baa2 from Baa3 with a stable outlook.

Shah says from a flow point of you Moody's upgrades provides a a great opportunity for India because there are many pensions funds that don't invest in India because of lower rating.

Other banking stocks that scored gains were Punjab National Bank, Bank of Baroda, Federal Bank, HDFC Bank and Kotak Bank. The benchmark is up close to 1 percent and now trading at 10,313.

Hong Kong's Hang Seng was up by 0.61 per cent while Japan's Nikkei added 0.83 per cent in early trade today.

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