Sensex up 400 pts, Nifty Bank at new high on Moody’s India sovereign upgrade

Nifty Bank hit fresh record high as Moody's Investors Service has today upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

9:40 am Listing: HDFC Standard Life Insurance Company, which recently concluded its Rs 8,695-crore initial public offering, is likely to list a a slight premium when it debuts on the stock market debut today, experts said.

Although analysts are not expecting a blockbuster listing, a small premium to the issue price could well be on the cards thanks to the quality of its earnings and management pedigree.

nifty tips

The IPO, which was opened for subscription during November 7-9, was subscribed 4.89 times at a price band of Rs 275-290 per share.

9:36 am RIL in focus: Reliance Industries (RIL) is set to raise up to $1.8 billion through a combination of offshore bonds and syndicated loans to reduce its high-cost debt, reports The Economic Times. The company would pare borrowing costs with a new series of overseas papers that would be of 10-year maturity, unlike the perpetual bonds it had sold five years ago, sources said.

RIL is raising $800 million through a dollar-bond issue, and another $1billion through syndicated commercial loans from a group of international lenders at a cost lower than that for the existing loans. The issuance is part of a massive debt refinancing exercise by the Mukesh Ambani-owned company, and would cover a perpetual bond sale of 2013.

9:26 am Rupee and Bond Update: The Indian rupee as well as 10-year government bond yields were strong in early trade.

The rupee was trading at 64.79 against US dollar, higher by 52 paise over previous close.

It has opened with the biggest gain in four years against previous close.

The 10-year government (6.79%, 2027) bond yield opened at 6.94 percent, much higher compared with previous day's closing level of 7.06 percent.

9:20 am Gainers and Losers: ICICI Bank, HDFC, Reliance Industries, Vedanta, SBI, Axis Bank, L&T, Tata Motors and HUL gained 1-3 percent while Infosys, TCS, Tech Mahindra, HCL Technologies and Wipro were under pressure, falling up to 1 percent.

9:15 am Market Check: Bulls continued to keep tight control over Dalal Street for second consecutive session as the Sensex rallied nearly 400 points, driven by banks after Moody's upgraded the Government of India's local and foreign currency issuer ratings.

The 30-share BSE Sensex was up 396.36 points or 1.20 percent at 33,503.18 and the 50-share NSE Nifty gained 117.10 points or 1.15 percent at 10,331.90.

Nifty Bank hit fresh record high as Moody's Investors Service has today upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.

The decision to upgrade the ratings is underpinned by Moody's expectation that continued progress on economic and institutional reforms will, over time, enhance India's high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term.

Vijaya Bank, PNB, Bank of Baroda, IDBI Bank, Just Dial, Edelweiss Financial, Petronet LNG, Suzlon Energy, Religare Enterprises, L&T Finance, Indiabulls Real, DLF, Nitesh Estates and Puravankara rallied 2-10 percent.

Best services for customers with full technical support make your Financial Trading more easy click here to subscribe us for free >> http://ripplesadvisory.com/nifty-future.php

Ripples Advisory Private Limited

Ripples Advisory is a SEBI Registered & ISO Certified Share Market Advisory. It is undoubtedly the Best Nifty Tips Provider in India. Ripples Advisory private limited is, without doubt, the only advisory firm which has repute in providing Nifty Market Tips & other share market tips. Ripples Advisory has a team of experienced & skilled research analyst who provide sure shot share market tips which has helped its clients to earn a huge amount of profit from their investments. Get the most accurate Nifty Future Trading Tips, Nifty Market Tips, Nifty Future Tips On Mobile, etc only at Ripples Advisory. To know more about Ripples Advisory & it's services, visit - http://www.ripplesadvisory.com/nifty-future.php or give us a missed call at - 9644405056

No comments:

Post a Comment

Note: only a member of this blog may post a comment.