Published: Fri, November 17, 2017
Business | By Max Garcia

Sensex, Nifty rise over 1 percent on Moody's upgrade

Sensex, Nifty rise over 1 percent on Moody's upgrade

The benchmark Sensex opened in the green by rising 164 points today, buoyed by value-buying in select blue-chips at a time of firm Asian cues.

According to market observers, index heavyweights like ONGC, Sun Pharma, ITC and Tata Steel were amongst the prominent losers on the BSE. Also, the NSE Nifty rose by 50.85 points, or 0.50 per cent, to 10,168.90.

The BSE Consumer Durables index was trading 2.17 per cent up at 20,478, while the benchmark Sensex was 1 per cent up at 33,442 around 2.10 pm (IST).

Market breadth was positive with 1,563 advances against 925 declines.

"Markets moved higher on the back of bargain hunting as traders wanted to take advantage of the recent decline".

Stocks have made little headway this month as scant progress on USA tax reform and record high levels for many markets restrict appetite for risk-taking investments.

The NSE Nifty50 fell by 68.55 points or 0.67 per cent to 10,118.05 points, while the Sensex of the BSE closed at 32,760.44 points - down 181.43 points or 0.55 per cent. "India's trade deficit widened to nearly a 3-year high of $14 billion last month as imports surged", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Indian shares snapped three-day fall on Thursday, led by gains in refiners such as Reliance Industries Ltd as oil prices dropped overnight.

"Shares of liquor companies were in focus and rallied up to 18 per cent", he added.

Meanwhile, Cipla was the leader of the Sensex chart, gaining 2.64 per cent, while HDFC Ltd came in next, up 2.23 per cent.

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