The market extended its rally after Moody's upgraded India's outlook to positive from stable. The Sensex climbed 161.63 points to 28869.38 and the Nifty jumped 41.80 points to 8756.20.
FMCG, technology, auto, oil and select banks stocks gained while healthcare stocks fell. About 488 shares have advanced, 58 shares declined, and 79 shares are unchanged on the BSE.
Moody's kept rating unchanged at Baa3. The rating agency believes that there is an increasing probability that actions by policy makers will enhance the country's economic strength. However, it cautioned that unless the country’s banking system woes were resolved, its credit profile would remain constrained.
Government's divestment drive for the new fiscal has seen an electrifying start with REC offer-for-sale oversubscribed more than 5 times. Centre mopped up over Rs 1,500 crore from the 5 percent stake sale.
The Indian rupee has opened marginally higher at 62.16 per dollar today against 62.24 Wednesday.
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