Sensex zooms 414 points to 33,521; Nifty races past 10,300 as Moody's ups India's sovereign rating to Baa2
At BSE, SBI rallied 2.94 percent while private peers ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank soared up to 3.07 percent
Mumbai: The BSE Sensex on Friday skyrocketed 414 points to 33,521 and the NSE Nifty raced past 10,300 as banking stocks led a solid rally after Moody's upgraded India's sovereign credit rating.
Positive global cues buoyed sentiment here. The 30-share Sensex climbed 414 points, or 1.25 percent, to trade at 33,520.82. The gauge had rallied 346.38 points in the previous session.
Banking behemoth SBI rallied 2.94 percent while private peers ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank soared up to 3.07 percent. All the sectoral indices led by banking, realty and metal were trading in the positive zone, with gains of up to 2.46 percent.
The 50-share Nifty leaped 124.40 points, or 1.21 percent, to 10,339.15. Sentiment got a big push after the US-based Moody's today upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook citing improved growth prospects driven byeconomic and institutional reforms, traders said.
The rating upgrade comes after a gap of 13 years - Moody's hadlast upgraded India's rating to 'Baa3' in 2004. In 2015, the rating outlook was changed to 'positive'
Other banking stocks that scored gains were Punjab National Bank, Bank of Baroda, Federal Bank, HDFC Bank and Kotak Bank. Tata Steel, Cipla, Tata Motors, L&T, Reliance Industries, Coal India, Adani Ports, Hindustan Unilever, Bharti Airtel and Sun Pharma made headway.
Globally, in the Asian region, Japan's Nikkei rose 1.47 percent and Hong Kong's Hang Seng gained 0.58 percent. China's Shanghai Composite shed 0.10 percent in their early
deals. The US Dow Jones Industrial Average gained 0.80 percent in yesterday's trade.
Market benchmark Sensex staged a smart recovery from the day's low to end with marginal losses on Monday amid a negative trend in global equities
The top gainers of the day were Bajaj Finance, Indusind Bank, Bajaj Finserv, ICICI Bank, and Kotak Bank
Market Roundup: Sensex ends 32 points up after volatile day of trade, metals shine; today's top gainers & losers
The top gainers were Bajaj Finserv, Bajaj Finance, Axis Bank, Reliance, and Indusind Bank, while the top laggards included HDFC, HCL Tech, Bajaj Auto, Larsen & Toubro (LT), and SBI