Indian stock market closed slightly higher on Monday after trading down till the afternoon session. The 30-share barometer Sensex today settled above 33,700 points, the second time after 6 November, nearing its lifetime closing high of 33,731.19 points. The value buying in the bluechip shares of NTPC, Axis Bank, ONGC, SBI, Wipro were the major gainers on the Sensex. BSE Sensex gained 45.2 points or 0.13% to end at 33,724.44 whereas NSE Nifty added 9.85 points or 0.09% to conclude at 10,399.55. The benchmark Sensex shuttled in a range between 33,745.17 and 33540.46 in the intraday trade.
Earlier on Friday last week, close on the heels of Moody’s upgrading India’s sovereign credit rating, another global agency Standard & Poor’s kept its rating unchanged at ‘BBB-‘ while also keeping the outlook ‘stable.’ Shares of NTPC (up 3.13%), Axis Bank (up 2.73%), ONGC (up 1.41%) were the lead gainers on Sensex. Both Sensex and Nifty opened little lower today as most of the Asian stocks edged down in the early trade today led by the dull Chinese and South Korean markets.
S&P took a favourable view of Narendra Modi administration’s economic reforms undertaken and lauded India’s fiscal consolidation drive but refrained from upgrading the credit rating from the current ‘BBB-‘, the lowest investment grade. Notably, S&P had last upgraded India’s rating from junk grade “BB+” to lowest investment grade “BBB-” 10 years ago in 2007. Foreign portfolio investors (FPIs) sold shares worth a net Rs 416.28 crore last Friday, as per provisional data. Domestic institutional investors (DIIs) bought equities worth a net Rs 427.63 crore.
Among the regional markets, Shanghai Composite Index fell 0.9% to 3,322.23 and Tokyo’s Nikkei 225 lost 0.2% to 22,495.99, Seoul’s Kospi plunged 1.4% to 2,507.81 and Hong Kong’s Hang Seng shed 0.6% to 29,691.01. US stocks ended at record closing highs on Friday with the Technology stocks leading the key indices. The benchmark S&P 500 and the blue-chip Dow Jones industrials posted weekly gains for the first time in three weeks while the Nasdaq Composite posted its best weekly performance since the week to 1 September, Reuters reported.