The Sensex and Nifty logged over 1 percent gains in Friday's trade after Moody's Investor Services lifted India's local and foreign currency debt ratings to Baa2 from Baa3, saying continued progress on economic and institutional reforms will enhance the economy's high growth potential. Giving a thumbs up to the recently introduced Goods and Services Tax (GST), the ratings agency said the reform will promote productivity by removing barriers to interstate trade. The ratings agency said that the reforms will improve the business climate in the country and raise productivity. Later, the indices pared gains on profit booking. While the Sensex rose 235 points at 33342 level, Nifty was up 68.85 points to 10,283 level, up 68.85 points. Here are the key highlights, which affected the market today.
3:45 pm: BSE realty index adds 3.7 percent, metals index gains 1.8 percent, consumer durables index rises 1.5 percent, bankex adds 1.2 percent; IT index slips 1.4 percent, TECk index drops 1.1 percent.
3:30 pm: Swedish telecom gear maker Ericsson said it has partnered with Bharti Airtel for 5G technology for the telecom giant's India operations. Ericsson is already a vendor to Bharti Airtel in areas like managed services and 4G.
3:00 pm: GTL Infrastructure shares rise 5.6 percent to Rs 6.60; company says investment bankers have got various bids from investors under stake sale process.
2:45 pm: Tata Sons has elevated its group CFO Saurabh Agrawal and group company Titan's managing director Bhaskar Bhat as directors on the board of the group.
2:30 pm: HDFC Standard Life, RComm, HDIL, Rattan India Power and JP Associates are among the top traded shares by volume on the NSE.
1:30 pm: SBI chief Rajnish Kumar said Moody's rating upgrade a positive development; great enabling factor for Indian financial markets. Over a point of time, rating change will reduce borrowing costs of government and financial institutions. Rating change will result in increased investor confidence in India growth and reform story.
1: 02 pm: Terming Moody's much-awaited sovereign ratings upgrade as "positive inflection point", Sebi chairman Ajay Tyagi said it is an acknowledgement that the reform measures being taken by government are in the right direction. The rating upgrade to Baa2 would further boost investments including foreign inflows, Tyagi added.
12: 41 pm: IT stocks fall on stronger rupee after Moody's sovereign ratings upgrade. BSE Information Technology index down over 1 percent or 115 points to 10,766 points. Nifty IT index trading too falls over 120 points or 1.12 percent.
12:05 pm: Sadbhav Infrastructure Projects says declared interim dividend of Rs 0.20 per share.
11:55 am: The rupee is trading at 64.85 to the dollar versus its previous close of 65.32.
11:44 am: BSE Bankex rises 1.78 percent or 513 points to 29,416.
11:34 am: Stock of HDFC Standard Life Insurance Company listed today with an over 7 per cent premium against its issue price of Rs 290. The stock debuted at Rs 311, up 7.24 per cent from the issue price on the BSE. It later soared 27.24 per cent to Rs 369.
11:10 am: Drug major Cipla said it has received final approval from the US health regulator for a suspension product used for treatment of asthma. In a BSE filing, Cipla said, "It has received final approval for its abbreviated new drug application (ANDA) for Budesonide Inhalation Suspension, 0.25mg/2mL, 0.5mg/2mL, and 1mg/2mL from the United States Food and Drug Administration (USFDA)".
11:00 am: Indian companies are finding it easier to raise funds through bonds than bank loans -corporate bond issuance climbed to a record Rs 5.52 lakh crore during January-September, 19% higher than a year ago. On the other hand, banks' loans to corporates contracted 1.5% from March-September despite overall credit growing by 8.2%, which too was the lowest in over two decades.
10:51 pm: Nifty realty index rises 2.6 percent after the Cabinet approved increase in carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the middle income group under Pradhan Mantri Awas Yojana initiative. Godrej Properties and Indiabulls Real Estate Ltd were up more than 4 percent each while Sobha Limited, Prestige Estates and Brigade Enterprises Ltd rose over 3 percent each. Puravankara and Kolte-Patil Developers rose over 12 percent each.10:40 am: Luxembourg-based multinational steel firm ArcelorMittal and domestic industry major Tata Steel have evinced interest in Bhushan Steel which is undergoing insolvency proceedings.
10:30 am: Sentiment got a big push after the US-based Moody's upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook citing improved growth prospects driven by economic and institutional reforms, traders said.
10:20 am: All the sectoral indices led by banking, realty and metal were trading in the positive zone, with gains of up to 2.46 per cent.
10: 05 am: Banking behemoth SBI rallied 2.94 per cent while private peers ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank soared up to 3.07 per cent.
10:00 am: Infosys announced a partnership with global online learning company Udacity to train Infosys employees in its Self-Driving Car Engineer Nanodegree program. The program, known as Udacity Connect, a combined in-person and online training offering, will give Infosys employees the skills needed as the company continues to focus on autonomous technology across a range of industries, including automotive, manufacturing and mining.
9:47 am: Moody's sovereign upgrade will allow Indian firms to raise funds at lower rates from overseas, says ace investor Rakesh Jhunjhunwala.
9: 43 am: Tata Steel (2.84 percent), ICICI Bank (2.76 percent), SBI (2.67 percent) and HDFC (2.13 percent) are the top gainers on the Sensex.
9: 41 am: Market breadth is bullish with 1479 stocks rising against 340 falling on the BSE.
9: 30 am: Banking stocks lead the rally, Bank nIfty trading near new high of 25,840.
9:26 am: Rupee opens at 64.66 level. The Indian rupee on Thursday weakened marginally against the US dollar at 65.32 against the dollar, down 0.17% from its Wednesday's close of 65.21. So far this year, the rupee has gained 4%.
9: 20 am: In the US, the Dow Jones Industrial Average rose 187.08 points, or 0.8 percent, to 23,458.36, the S&P 500 .SPX gained 21.02 points, or 0.82 percent, to 2,585.64 and the Nasdaq Composite .IXIC added 87.08 points, or 1.3 percent, to 6,793.29. The S&P and the Dow posted their largest daily percentage gains in more than two months.
9: 18 am: Asian markets are trading in green tracking overnight bounce back seen in US markets. In Europe, markets closed higher on the back of good earnings numbers from Bouygues and as retail sales numbers in UK came in higher than expected.