MUMBAI (Reuters) - Indian markets were poised for a big rally on Friday following an unexpected rating upgrade by Moody's Investors Service, traders said.
Moody's upgraded India's local and foreign currency debt rating to Baa2 from Baa3 on the back of continued economic and institutional reforms including the recent goods and services tax, it said in a release.
The 10-year benchmark bond yield is expected to fall 7-10 basis points in early trade from its previous close of 7.06 percent and move in a 6.95 percent to 7.00 percent band during the day.
The rupee will strengthen and likely trade in 64.50 to 64.75 to the dollar from its Thursday close of 65.32/33.
Stocks are also likely to rise on the back of this positive sentiment tracking Nifty futures.
(Reporting by Suvashree Choudhury; Editing by Richard Borsuk)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app