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
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.