Published: Fri, November 17, 2017
IT | By Lester Massey

FxWirePro: Indian Nifty buoyed by Moody's rating upgrade

FxWirePro: Indian Nifty buoyed by Moody's rating upgrade

The gauge had rallied 346.38 points in the previous session. After a very strong opening, the Sensex at the Bombay Stock Exchange eased slightly, but had still surged 328 points, or 1 per cent, to 33,435 a short while ago.

The Sensex touched a high of 33,165.15 points and a low of 32,829.82 points during intra-day trade.

The benchmark Sensex opened in the green by rising 164 points today, buoyed by value-buying in select blue-chips at a time of firm Asian cues. Private Banks like ICICI Bank, Yes Bank, and Axis Bank gained more than 2% accelerating Nifty Bank to new 52 week high.

Shares of PC Jeweller (up 5.17 per cent), Titan Company (up 3.49 per cent) and Whirlpool of India (up 2.42 per cent) were the top gainers in the BSE Consumer Durables index.

Moody's Investors Service ("Moody's") has today upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

The benchmark equity indices gained over one per cent during the morning trading session on Friday as global rating major Moody's upgraded India's rating after a gap of 14 years.

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.

Tata Steel, Cipla, Tata Motors, L&T, Reliance Industries, Coal India, Adani Ports, Hindustan Unilever, Bharti Airtel and Sun Pharma made headway.

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