The benchmark indices closed the week on a buoyant note after credit rating agency Moody’s Investors Services upgraded India’s sovereign ratings. BSE Sensex closed higher by 235.98 points at 33,342.80 while the National Stock Exchange Nifty ended trade on Friday up by 0.67% at 10,283.60.
The markets surged in the early hours of trading after the rating agency said the Narendra Modi government’s economic reforms, including the Goods and Services Tax and demonetisation, will enhance the country’s growth potential. Seventeen of the 19 sector indices, led by realty, ended higher.
The top gainers on the two indices were pharmaceutical company Cipla, HDFC bank, car manufacturer Maruti Suzuki and Tata Steel.
Maruti Suzuki’s shares increased 2.4% after Suzuki Motor and Japanese car manufacturer Toyota signed a memorandum of understanding to launch electric vehicles in India by 2020, BloombergQuint reported.
Software services firms Infoysys and Tata Consultancy Services saw their stocks decline the most on the two indices. Wipro, the Oil and Natural Gas Corporation and Asian Paint were the other top losers on the Sensex while Tech Mahindra, Bosch Limited and HCL Technologies saw their stocks fall on the Nifty.
The rupee opened at 64.75 and touched a high of 64.63 against the dollar, strengthening as much as 1.08% before closing at 65.13.