Sensex up 400 pts on Moody’s India sovereign upgrade: HDFC Life gains 8%
Bulls continued to keep tight control over Dalal Street for second consecutive session as the Sensex rallied nearly 400 points, driven by banks after Moody's upgraded the Government of India's local and foreign currency issuer ratings.
The 30-share BSE Sensex was up 396.36 points or 1.20 percent at 33,503.18 and the 50-share NSE Nifty gained 117.10 points or 1.15 percent at 10,331.90.
Nifty Bank hit fresh record high as Moody's Investors Service has today upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.
The Indian rupee as well as 10-year government bond yields were strong in early trade.
The rupee was trading at 64.79 against US dollar, higher by 52 paise over previous close.
It has opened with the biggest gain in four years against previous close.
Reliance Industries (RIL) is set to raise up to $1.8 billion through a combination of offshore bonds and syndicated loans to reduce its high-cost debt, reports The Economic Times. The company would pare borrowing costs with a new series of overseas papers that would be of 10-year maturity, unlike the perpetual bonds it had sold five years ago,
HDFC Standard Life Insurance Company, which recently concluded its Rs 8,695-crore initial public offering, is likely to list a a slight premium when it debuts on the stock market debut today, experts said.
Although analysts are not expecting a blockbuster listing, a small premium to the issue price could well be on the cards thanks to the quality of its earnings and management pedigree.
HDFC Standard Life Insurance Company has settled at Rs 310 on the National Stock Exchange in pre-opening trade, higher by 6.89 percent over issue price of Rs 290 per share.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Visit Here- http://www.capitalstars.com/
0 Comments