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NEW DELHI: Friday morning brought reasons to cheer for the equity investors as Sensex extended gains to more than 400 points in early trade.
30-share BSE Sensex opened with a gain of 381.75 points on 33,388.47 while the broader 50-share NSE Nifty jumped 109.80 points to start trading on 10,324.55. Sensex soon extended its gains to more than 400 points as it hit the intra-day high of 33,520.82.
The surge in the Street came after international rating agency Moody’s upgraded India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. The rating has thus proved to be a booster to sagging investor sentiments on the back of weak macros like rising inflation, stunted factory output and widening trade deficit. The markets were dominated by the bears for the last week before it made a comeback on Thursday, closing with a gain of more than 300 points.
Investors however would be wary that the Moody’s ratings may come out to be a trigger that fails to consolidate. The Street has had a similar experience in the recent past when India jumped 30 places in World Bank’s Ease of Doing Business report resulting in the stock markets zooming to near- 34,000 levels. However, the investors soon indulged in profit booking and the markets came crashing.
In Friday’s early trade, metal and PSU bank stocks once again rallied as has been the trend in the recent past. Surprisingly, the Nifty IT sub-index was losing almost a per cent.
ICICI Bank, Tata Steel, State Bank and Hindalco were the major gainers while all the major IT stocks were proving to be laggards.