Markets shrug off Moody's rating downgrade; Sensex, Nifty rise 1.6%

India’s credit rating downgrade by Moody’s Investors Service failed to make a dent in investor sentiment on Tuesday as the benchmark indices gained for a fifth straight day, with the Sensex and the Nifty50 indices rising 1.6 per cent each to end at their highest close since March 13. 

The rupee and the 10-year government bond, too, held steady, despite the red flags raised by the rating agency. The yield on the bond softened 2 basis points to end at 5.76 per cent, while the rupee strengthened 19 paise against the dollar to end at 75.36. 

After market closing on