Moody's upgrades India's sovereign rating, market cheers
Mumbai, Nov 17 (IBNS): After Moody's upgraded India's sovereign rating to Baa2, the Indian market opened on a jubilant mood on Friday but failed to retain its significant gain reported earlier in the day.
Moody's Investors Service 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, after a long gap of 13 years, according to moneycontrol.com.
Union Finance Minister Arun Jaitley said, "Moody's upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years. Moody's upgrade recognises the fiscal prudence that India has committed itself to."
At the close of business on Friday, the BSE Sensex was up 235.98 points at 33,342.80 and NSE Nifty was up 68.80 points at 10,283.60.
Some of the top gainers on Friday were Cipla, HDFC, Maruti Suzuki, Tata Power, Tata Steel and Tata Motors while Infosys, Tech Mahindra, TCS, ONGC, Bosch, Wipro, HCL Tech and Asian Paints declined.
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