Riding on Moody’s upgrade, stock markets open on a high

RSTV Bureau
File photo of Bombay Stock Exchange Building in Mumbai.

File photo of Bombay Stock Exchange Building in Mumbai.

Following the US-based credit rating agency Moody’s upgrading India’s ratings, the stock markets opened strongly with BSE Sensex skyrocketing 414 points to 33,521 and the NSE Nifty racing past 10,300 early today.

The 30-share Sensex climbed 414 points, or 1.25 per cent, to trade at 33,520.82. The gauge had rallied 346.38 points in the previous session.

Banking behemoth SBI rallied 2.94 per cent while private peers ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank soared up to 3.07 per cent. Other banking stocks that scored gains were Punjab National Bank, Bank of Baroda, Federal Bank, HDFC Bank and Kotak Bank.

All the sectoral indices led by banking, realty and metal were trading in the positive zone, with gains of up to 2.46 per cent. The 50-share Nifty leaped 124.40 points, or 1.21 per cent, to 10,339.15.

The 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.

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

(With inputs from Agencies)