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Sify Editors @ 4:15 PM
Sensex Nifty scales fresh highs after Moody's rate revision
The markets ended Friday on a fresh high, after Moody's, the rating agency announced a rate revision on the currency and bonds. The revisions were announced for domestic industry majors too.
The S&P BSE Sensex ended trimmed its gains, but still ended 235.98 points or 0.71% up at 33342.80, while the NSE Nifty50 ended the session at 10283.60, a 68.85 or 0.67% gain.
The gains were visible even as much as the late-afternoon trade session, with both indices maintaining an upward trajectory. The markets were also ably held by positive cues from Asian markets and a healthy uptake in bank, metal and consumer durable's counters.
Moody's had also revised Baa2 ratings of firms like HPCL, IOC, ONGC, GAIL and NTPC. These scrips rallied after the announcement.
However, profit booking slowed the exponential rise which was witnessed during the morning and noon sessions.
The Sensex touched a high of 33,520.82 points, a new intra-day high and a low of 33,380.39 points in the trade so far. The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 79.75 points or 0.78 per cent at 10,294.50 points. The Nifty 50 touched a new intra-day high of 10,343.60 points.
Sify Editors @ 2:30 PM
Sensex, Nifty touch record intra-day highs as Moody's upgrades India's sovereign ratings
A sovereign ratings upgrade from US credit rating agency Moody's on Friday lifted the key Indian equity indices to their new intra-day record highs.
The two indices S&P BSE Sensex and NSE Nifty50 gained over 300 points each after the ratings upgrade.
Even during the mid-afternoon trade session, both the indices maintained their upward trajectory supported by broadly positive Asian markets and healthy uptake in bank, metal and consumer durable's counters.
The 30-scrip Sensitive Index (Sensex) traded 329.40 points or 0.99 per cent higher during the mid-afternoon session.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 98.75 points or 0.97 per cent at 10,313.50 points. The Nifty 50 touched a new intra-day high of 10,343.60 points.
The BSE Sensex, which opened at 33,388.47 points, traded at 33,436.22 points (at 1.20 p.m.) in higher 329.40 points or 0.99 per cent from the previous day's close at 33,106.82 points.
Sify Editors @ 12:05 PM
Moody's upgrades Exim India, HDFC Bank Limited, Indian Railway Finance Corporation Limited , State Bank of India to Baa2 from Baa3
Sify Editors @ 10:25 AM
HDFC Life shares rise in trading debut after $ 1.3 billion IPO
Shares in HDFC Standard Life Insurance Co. Ltd rose as much as 8.3 percent in their market debut on Friday after the insurer's initial public offering raised $1.3 billion last week.
By 0432 GMT, HDFC Life shares were trading at 312.60 rupees, 7.8 percent higher than the IPO issue price of 290 rupees.
The main Mumbai market index was also up 1.14 percent after Moody's upgraded India's sovereign bond rating.
HDFC Life's IPO was subscribed nearly five times.
Sify Editors @ 9:50 AM
Markets singing in green with Moody's Baa2 rating; Sensex up 300 points
Domestic markets were in for a cheer, with Moody, the international rating agency conferring a Baa2 rating. Benchmark Sensex peaked to 33456.01, a few minutes after the opening on Friday, while the NSE Nifty50 soared to 10318.95.
Both the Sensex and Nifty indices fared with an over 1.03% gain within the few minutes after the pre-opening session. While the Sensex zoomed by 370 points, the NSE Nifty surged by nearly 120 points.
On the Sensex, Tata Steel (up by nearly 3%), ICICI Bank (2.5%), SBI (2.17%), Cipla (2.11%), were some of the prominent stocks in action. Tech scrips such as Wipro (down by 0.55%), TCS (0.68%), and Infy (1.45%), were relegated to the bottom on the heatmap.
The Baa2 impact was observed across indices. The Next50 gained a quick 1.34% gain, while others including midcap, smallcap and even the large cap indices gained an average 1% gain.
Metal stocks surged quickly with an impressive 2.39% intra-day gain after the Moody's revisions. BSE Bankex (up by 1.67%), Basic Materials (1.73%) were the other prominent sectoral stocks in action within the first few minutes of trade. Information Technology (down by 0.70%), and BSE Teck (0.45%) lost steam.
Sify Editors @ 9:25 AM
Indian markets poised for rally after Moody's upgrade
Indian markets were poised for a big rally on Friday following an unexpected rating upgrade by Moody’s Investors Service, traders said.
Moody’s upgraded India’s local and foreign currency debt rating to Baa2 from Baa3 on the back of continued economic and institutional reforms including the recent goods and services tax, it said in a release.
The 10-year benchmark bond yield is expected to fall 7-10 basis points in early trade from its previous close of 7.06 percent and move in a 6.95 percent to 7.00 percent band during the day.
The rupee will strengthen and likely trade in 64.50 to 64.75 to the dollar from its Thursday close of 65.32/33.
Stocks are also likely to rise on the back of this positive sentiment tracking Nifty futures.