Markets cheer Moody's upgrade; Sensex up 236 pts, Nifty ends above 10,200
All that happened in today's trade
 "gainers")
Source: BSE
Benchmark indices ended higher on Friday after global rating agency Moody's Investors Service upgraded India’s sovereign rating to Baa2 from Baa3 and changed the outlook to stable from positive.
This development that will give a big boost to Modi government, reduce the cost overseas borrowing and improve investments in India. Rating company, while justifying the upgrade said that the reforms undertaken by the government will "improve the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth."
This year it expects real GDP growth to moderate to 6.7% in the fiscal year ending in March 2018.
Globally, Asian shares also rose as strong US earnings and a step forward in the US Congress on tax reform brightened the mood, even though investors noted that many more hurdles must be passed to reach a final deal on tax cuts.
3:52 PM
Sectoral trend: All but Nifty IT ended in green
Source: NSE
3:48 PM
Sensex heatmap at close
Source: BSE
3:38 PM
Markets at close
The S&P BSE Sensex ended at 33,342, up 236 points, while the broader Nifty50 settled at 10,283, up 69 points.
Source: BSE
The S&P BSE Sensex ended at 33,342, up 236 points, while the broader Nifty50 settled at 10,283, up 69 points.
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 33,342.80 | +235.98 | +0.71 |
| S&P BSE SENSEX 50 | 10,716.60 | +71.27 | +0.67 |
| S&P BSE SENSEX Next 50 | 35,525.89 | +414.18 | +1.18 |
| S&P BSE 100 | 10,743.38 | +80.20 | +0.75 |
| S&P BSE Bharat 22 Index | 3,723.21 | +15.80 | +0.43 |
Source: BSE
3:30 PM
Moody's boost to Modi: Should India really cheer?
The Narendra Modi government is celebrating the upgrade of India’s sovereign credit rating by Moody’s Investors Service. The new rating places India at Baa2, up a notch from Baa3. The outlook has also been raised from positive to stable, while other ratings, including the one for short-term local currency, have seen an upgrade by a notch each. READ FULL VIEW
3:24 PM
Centrum Broking on CARE Ratings
We have tweaked our estimates for FY18E/ FY19E marginally and are now building in 14.5%/ 13.9% CAGR in revenues/ EBIDTA over FY17-19E. We continue to like CARE for its business model and the free cash flow yield. Valuations at 22.4x FY19E EPS however limit near-term upside. Retain Hold with TP at Rs 1,560 (valued at 25x FY19E EPS). In our earlier notes, we have argued for higher valuation multiples for CARE (discount gap with peers to narrow) and we expect the trend to continue as more signs of superior growth get visible. We continue to prefer CARE as a proxy play to revival in rating opportunities. Lower-than-expected volume growth/ price reduction are key risks.
2:58 PM
Still short of best rating
Global rating agency Moody’s on Friday upgraded India’s sovereign bond rating by a notch to Baa2. This is the best for the country in the recent past, but India's sovereign ratings in late 1980s and 1990 were higher. The economy had a rating of A2 in 1988 which was downgraded by two notches to Baa1 in 1990. However, the rating in 1990 was still a notch higher than now. CLICK HERE FOR GRAPHIC
2:40 PM
Top five Nifty gainers
Source: BSE
2:38 PM
Markets check
At 2:35 pm, the S&P BSE Sensex was trading at 33,397, up 290 points, while the broader Nifty50 was ruling at 10,298, up 83 points.
At 2:35 pm, the S&P BSE Sensex was trading at 33,397, up 290 points, while the broader Nifty50 was ruling at 10,298, up 83 points.
2:11 PM
Buzzing stocks
Shares of real estate companies were in focus with DLF, Puravankara, Kolte Patil Developers, Sunteck Realty and Ajmera Realty hitting their respective 52-week highs on Friday. All these stocks were up in the range of 5% to 15% on the BSE in intra-day deal. READ FULL REPORT
1:48 PM
Govt sets up panel to ensure GST benefits reach you
Angry that the stated benefits of GST have not reached you yet as a consumer? Perhaps it's the restaurant bill, which hits your pocket just as much as it did when 18 per cent GST was levied on AC restaurants. Maybe it's regarding the sundry items you need for everyday living. Now, the government has come up with measures to stop businesses from giving you a raw deal. READ MORE
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First Published: Nov 17 2017 | 3:35 PM IST