Stocks build on Moody's India upgrade, Sensex up 236 points

Sensex rallies 346 points to close at week high of 33,107

Sensex rallies 346 points to close at week high of 33,107 RIL Infosys top gainers

Moody's India upgrade lifted the market sentiment although oil prices and bond yields remains a worry.

The two indices - S&P BSE Sensex and NSE Nifty50 - gained over 300 points each after the ratings upgrade.

The stock markets too have rallied smartly on Friday.

Both Sensex and Nifty today ended with more than 0.5 percent gains, powered by financial and metal stocks.

The broader Nifty index closed higher by 68.85 points or 0.67 percent at 10,283.60, with HDFC, Cipla, Maruti Suzuki, Tata Motors and ICICI Bank pacing the gainers.

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The Sensex had lost 554.12 points in the previous three sessions on subdued exports, higher inflation and muted second quarter earnings of some companies.

The benchmark BSE Sensex hit as high as 33,520.82 before paring gains to end the session up 235.98 points or 0.71 percent at 33,342.80.

"However, the post afternoon trade saw profits being booked as steep selling took place... markets it seems is taking a breather post the upgrade".

The benchmark index of Bombay Stock Exchange (BSE) gained further on Friday by 235.98 points to 33,342.80 as worldwide rating agency Moody's has upgraded India's sovereign bond rating to Baa2 from Baa3 with a stable outlook.

It had last upgraded India's rating to "Baa3" in 2004 while in 2015, only the rating outlook was changed to "positive" from "stable". Moody's has revised the sovereign rating of India a notch above investment grade after a long gap of 14 years.

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