Markets Surge, Sensex at 33,504, Nifty at 10,333 as Moody’s Upgrades India’s Rating

India.com Business Desk
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Markets Open in Green, Sensex Zooms 116 Points to 32,949, Nifty at 10,158

Benchmark Sensex was up by over 80 points or 0.25% to 32,913.83 while the wider Nifty was up by over 44 points or 0.44% to 10,166.45.

Mumbai, November 17: Key Indian equity domestic indices- BSE Sensex and NSE Nifty opened in red during early morning trade on Friday. Sensex surged over 397 Points or 1.20% to 33,504.44 while the wider Nifty jumped 118 points or 1.16% at 10,333.60 after international rating agency Moody’s upgraded India’s sovereign rating to Baa2. Moody’s has revised the sovereign rating of India a notch above investment grade after a long gap of 14 years.

On the back of Moody’s rating upgrade for Indian sovereign bonds on Thursday, the Indian rupee opened at 64.72 per dollar versus previous close 65.32. HDFC Standard Life Insurance Company, which concluded its Rs 8,695 crore initial public offering last week, will make a debut on the stock exchanges today.  In the pre-opening session, Sensex surged over 200 points while Nifty was above 10,300.

At 10.15 AM: Sensex jumped 341 points or 1.03% at 33,448.72 while the wider Nifty was up by over 108 points or  1.06% at 10,323.10. Infosys was the top gainer on the Sensex at Rs 988.60 followed by State Bank of India, Reliance Industries, NTPC and Tata Consultancy Services which gained 1.5-2.5 per cent. PNB gained by 4%, Bank of Baroda, ICICI Bank, SBI Bank gained by 3%.

On Thursday, the buying activity was so strong that all sectoral indices landed in the green. Sensex ticked all the right boxes as it surged over 346 points to reclaim the key 33,000-mark, driven up by PSU banking stocks while Nifty closed at 10,214.75, a solid gain of 96.70 points, or 0.96 per cent, after touching a high of 10,232.25 and a low of 10,139.20. Both benchmarks Sensex and Nifty notched up their single-day biggest gains since November 1. Sensex opened and hit the day’s high of 33,165.15 before settling up 346.38 points, or 1.06 per cent, at 33,106.82. This is the highest closing of November 10 when it had closed at 33,314.56.