Rupee jumps against USD; Sensex, Nifty gain with Moody's upgrade

Market Live: Sensex jumps 300 points, Nifty extends gains, IT stocks rise

Rupee jumps against USD; Sensex, Nifty gain with Moody's upgrade

There was widespread value-buying amid firm global cues.

The 30-scrip Sensitive Index (Sensex) traded 329.40 points or 0.99 per cent higher during the mid-afternoon session.

Shares of PC Jeweller (up 5.17 per cent), Titan Company (up 3.49 per cent) and Whirlpool of India (up 2.42 per cent) were the top gainers in the BSE Consumer Durables index.

The Sensex opened hit the day's high of 33,165.15 before settling up 346.38 points, or 1.06 per cent, at 33,106.82. In the pre-opening session, Sensex surged over 200 points while Nifty was above 10,300.

Sensex surged over 397 Points or 1.20% to 33,504.44 while the wider Nifty jumped 118 points or 1.16% at 10,333.60 after worldwide rating agency Moody's upgraded India's sovereign rating to Baa2.

Abercrombie & Fitch Company (NYSE:ANF) Sees Price Increase - Up $3.37
Dimensional Fund Advisors LP increased its stake in shares of Abercrombie & Fitch by 0.8% in the second quarter. (NYSE:CAT). As of the end of the quarter Balyasny Asset Management LLC had disposed of 495,367 shares trimming its stake by 60.9%.

Shah says from a flow point of you Moody's upgrades provides a a great opportunity for India because there are many pensions funds that don't invest in India because of lower rating.

The rating which has come after a gap of nearly 13-years is a sentiment booster and positive for flows into equities and debt market. The benchmark is up close to 1 percent and now trading at 10,313.

The US Dow Jones Industrial Average gained 0.80 per cent in yesterday's trade.

The BSE Sensex today skyrocketed 414 points to 33,521 and the NSE Nifty raced past 10,300 as banking stocks led a solid rally after Moody's upgraded India's sovereign credit rating.

China's Shanghai Composite shed 0.10 per cent in their early deals.

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