09:18
Moneycontrol Bureau 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.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.
Mohan Shenoi of Kotak Mahindra Bank said, "Upgrade of India's credit outlook by Moody's from stable to positive is likely to be positive for Indian equities, rupee and bonds."
According to him, the USD-INR is expected to trade in a range of 62.05-62.45/dollar.
The dollar rose on after the release of the Federal Reserve's FOMC meeting minutes. The euro is at session lows.
In the US, stocks closed higher as investors shook off a plunge in oil prices and digested the Federal Reserve's meeting minutes as mostly dovish. The Federal Reserve Open Market Committee (FOMC) released the minutes of its March meeting, revealing that central bank policy makers were divided over the timing of an interest rate hike.
In Europe, equities closed mostly lower, despite a surge in energy stocks after Royal Dutch Shell launched a bid for UK-listed BG Group.
And Asia traded positive in the morning.
Among commodities, Nymex crude remained steady after falling 7 percent yesterday as data showed the largest weekly increase in the US crude inventories since 2001. Brent crude traded around USD 56 per barrel.
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