Benchmark indices ended higher on Friday after global rating agency Moody's Investors Service upgraded India’s sovereign rating to Baa2 from Baa3 and changed the outlook to stable from positive. This development that will give a big boost to Modi government, reduce the cost of overseas borrowing and improve investments in India.
Rating company, while justifying the upgrade said that the reforms undertaken by the government will "improve the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth."
The 30-share benchmark index closed at 33342.8 up by 235.98 points or by 0.71 per cent, while the NSE Nifty was at 10283.6 up by 68.85 points or by 0.67 per cent.
During the day’s trade, Sensex touched intraday high of 33520.82 and intraday low of 33278.91 The NSE Nifty touched intraday high of 10343.6 and intraday low of 10268.05.
The top gainers of the BSE Sensex pack were Cipla Ltd. (Rs. 608.65,+2.64%), Housing Development Finance Corporation Ltd. (Rs. 1701.00,+2.23%), Maruti Suzuki India Ltd. (Rs. 8340.70,+2.15%), Tata Steel Ltd. (Rs. 701.35,+2.14%), Tata Motors Ltd. (Rs. 421.45,+1.92%), among others.
The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 970.95,-1.79%), Tata Consultancy Services Ltd. (Rs. 2710.10,-1.33%), Oil And Natural Gas Corporation Ltd. (Rs. 177.50,-1.03%), Wipro Ltd. (Rs. 294.75,-0.97%), Asian Paints Ltd. (Rs. 1171.10,-0.76%), among others.
Among the sectors, realty and metal stocks emerged as top gainers, rising 3.7 per cent and 1.8 per cent respectively.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3108 , shares advanced were 1680 while 1223 shares declined and 205 were unchanged.