Stocks build on Moody’s India upgrade, Sensex up 236 points | business news | Hindustan Times
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Stocks build on Moody’s India upgrade, Sensex up 236 points

For the week, the Sensex climbed 28.24 points, or 0.08%, while the Nifty shed 38.15 points, or 0.36%.

business Updated: Nov 17, 2017 16:21 IST
The 30-share Sensex soared to the day’s high of 33,520.82, but profit-taking activity towards the end in heavyweights made the index settle at 33,342.80, up 235.98 points, or 0.71%.
The 30-share Sensex soared to the day’s high of 33,520.82, but profit-taking activity towards the end in heavyweights made the index settle at 33,342.80, up 235.98 points, or 0.71%.(PTI File Photo)

India’s sovereign credit rating jump today gave investors a big reason to cheer as the Sensex rallied 236 points, underpinned by financial and metal stocks.

The 30-share Sensex soared to the day’s high of 33,520.82, but profit-taking activity towards the end in heavyweights made the index settle at 33,342.80, up 235.98 points, or 0.71%.

The gauge had rallied 346 points in the previous session.

The 50-share Nifty after racing past the key 10,300-mark during the day gave up some ground to close up 68.85 points, or 0.67%, at 10,283.60.

For the week, the Sensex climbed 28.24 points, or 0.08%, while the Nifty shed 38.15 points, or 0.36%.

Sentiment got a big lift after the US-based Moody’s on Friday upgraded India’s sovereign credit rating by a notch to ‘Baa2’ with a stable outlook citing improved growth prospects driven by economic and institutional reforms, traders said.

The rating upgrade came after a gap of 13 years - Moody’s had last upgraded India’s rating to ‘Baa3’ in 2004.