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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
