The S&P BSE Sensex closed flat with a slight positive bias for the week ended November 17 even after a big booster provided by Moody’s Investors Service on Friday. But, there was plenty of action seen in small and midcap stocks.
Although, bears remained in control of D-Street for the most part of the week, back-to-back rallies on Thursday and Friday helped pare losses. The S&P BSE Sensex hit a low of 32,683.59 on Wednesday before closing the week at 33,342.80, up 659 points.
The index closed on a flat note but there plenty of action seen in the S&P BSE 500 index. Ten stocks rose in the range of 10-22 percent in just 5 trading days which include names like Radico Khaitan which rallied 22 percent, followed by Hatsun Agro which surged 15 percent, and Religare Enterprises was up by 15.5 percent in the same period.
The last time Moody’s upgraded India was in 2004 to Baa3, moving India to an ‘Investment Grade Destination’. Ratings Below BBB(-)/ Baa3 are indicative of Junk status.
After Moody’s upgrade of India’s sovereign debt rating, all eyes are on other global rating agencies such as Fitch as S&P.
But, experts feel that they are unlikely to make a move in the near term and wait until fiscal deficit situations get into a comfortable situation which is why it is said that rating changes move with a lag.
The Nifty came closer to its crucial resistance level of 10,300 after slipping below 10,100 last week in intraday trade. Investors are advised to tread with caution and build aggressive longs only when Nifty50 is able to take out 10350-10411 on closing basis.
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