Bank Nifty achieves lifetime high after Moody's rating upgrade

Sensex zooms 350 pts Nifty tops 10,200

It had last upgraded India's rating to "Baa3" in 2004 while in 2015, only the rating outlook was changed to "positive" from "stable".

Reacting to the ratings upgrade, finance minister Arun Jaitley said, "Many who had doubts in their minds about India's reform process would need to now seriously introspect on their thinking".

Also, the NSE Nifty closed at 10,214.75, a hefty gain of 96.70 points, or 0.96 per cent, after touching a high of 10,232.25 and a low of 10,139.20.

"Such global ratifications will lower the cost of borrowing and boost investor confidence and conviction in the economy".

Mumbai: Key Indian equity indices on Thursday broke their three-day losing streak and provisionally closed in the positive territory, with the BSE Sensex surging over 300 points during the mid-afternoon session. Bond yields and prices move in opposite directions.

"I think it is up to the government now to respond with a fiscal plan that makes sense".

Major gainers in the 30-share index were Cipla (2.64%), HDFC (2.23%), Maruti Suzuki India (2.15%), Tata Steel (2.14%), Tata Motors (1.92%) and ICICI Bank (1.86%).

Globally, Asian markets extended gains to close broadly higher after U.S. House Republicans voted to approve the tax reform bill, a step forward on President Donald Trump's tax reform plan. IT stocks, however, fell as the rupee firmed, with the Nifty IT index down 0.9 percent. A stronger rupee hurts returns from the USA market, the biggest source of revenue for Indian IT companies.

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