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Bulls continued to keep tight control over Dalal Street for second consecutive session as the Sensex rallied nearly 400 points, driven by banks after Moody's upgraded the Government of India's local and foreign currency issuer ratings.
The 30-share BSE Sensex was up 396.36 points or 1.20 percent at 33,503.18 and the 50-share NSE Nifty gained 117.10 points or 1.15 percent at 10,331.90.
Nifty Bank hit fresh record high as Moody's Investors Service has today upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.
Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.
The decision to upgrade the ratings is underpinned by Moody's expectation that continued progress on economic and institutional reforms will, over time, enhance India's high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term.
Vijaya Bank, PNB, Bank of Baroda, IDBI Bank, Just Dial, Edelweiss Financial, Petronet LNG, Suzlon Energy, Religare Enterprises, L&T Finance, Indiabulls Real, DLF, Nitesh Estates and Puravankara rallied 2-10 percent.
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