S&P BSE 500 index hits record high led by Tata Group shares

TCS, Bajaj Auto, Dr Reddy's Lab, HCL Tech hits new high.

The Bombay Stock Exchange (BSE) S&P BSE 500 index hit a record high today, led by Tata Group companies, after global rating agency Moody's raised multiple ratings of group firms including Tata Motors, Tata Steels and Tata Consultancy Services (TCS).

At 1218 hours, S&P BSE 500 index was up 0.2% or 21 points at 10,430 points. It touched new high of 10,478 points during intra-day trade today.

In past three trading sessions, the index gain nearly 3% on the back of the US Federal Reserves decision to keep interest rates near zero for a considerable time.

S&P BSE 500 index represents nearly 93% of the total market capitalization on BSE. S&P BSE 500 covers all 20 major industries of the economy.

TCS, Tata Elxsi, Tata Sponge Iron, Tata Investment Corporation, CMC, Tata Coffee and Tata Teleservices (Maharashtra) are among few Tata Group companies, which feature in the BSE 500 index, have rallied between 3-11%.

Alan Greene, a Moody's Vice President, Senior Credit Officer said, "With glimpses of recovery in some of the worst affected sectors of the Indian economy, the bulk of Tata Sons' disbursals can now be directed into the group's growth areas and not into resolving old troubles."

Bajaj Auto, Dr Reddy’s Laboratories, HCL Technologies, Finolex Industries, Hexaware Technologies, J K Cements, JK Lakshmi Cement, JK Tyre, Credit Analysis and Research, MindTree and V-Guard Industries are among few stocks from S&P BSE 500 index hits record high.

"The primary reason for the rise was the announcement from the Fed Reserve is to delay in Rate Hike till summer 2015.  That has triggered fresh buying in the market. Also the positive outcome from the meet of China’s President with PM. Narendra Modi has also added to the bullish sentiment", said Shrikant Chouhan, Head of Technical Research, Kotak Securities.

Meanwhile, Suzlon Energy was locked in lower circuit of 10% at Rs 20.40 on BSE, with no buyers on the counter, after fresh shares allotted on conversion of foreign currency convertible bonds (FCCBs) of the company started trading today.

Bharti Infratel, Jaiprakash Associates, Jaiprakash Power Ventures, Britannia Industries, Voltas, Emami and Crompton Greaves are among few from BSE 500 index trading lower in the range of 3-5%.