Sensex, Nifty touch new highs as Moody's upgrade buoys sentiments (Second Lead)
19 November, 2017, 02:27 | Author: Melinda Barton
Maintaining that the upgrading was based on New Delhi's "wide-ranging programme of economic and institutional reforms", Moody's simultaneously changed the outlook for the country's rating to stable from positive and upgraded India's local and foreign currency issuer rating to Baa2 from Baa3.
President of industry chamber Ficci Pankaj Patel said the development underlines the fact that India is moving in the right direction.
Along with that, Moody's Investors Service also upgraded nine state-owned companies including ONGC, IOC, HPCL, NTPC and GAIL and four financial institutions including SBI and HDFC and EXIM Bank. "We are anxious about the dark clouds today", he said.
Reacting to the ratings upgrade, finance minister Arun Jaitley said, "Many who had doubts in their minds about India's reform process would need to now seriously introspect on their thinking". "We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which has contributed to the strengthening of the Indian economy", he told reporters.
As per analysts, foreign portfolio investments in India can increase in the coming days, external commercial borrowings will become cheaper, and more convenient. Moody's India upgrade lifted the market sentiment although oil prices and bond yields remains a worry.
New Delhi- The ruling BJP and the government on Friday cheered U.S. credit ratings agency Moody's upgradation of India's sovereign ratings, with party President Amit Shah and several ministers tweeting that it was a recognition of all the good work done by the NDA. "CII hopes that the other rating agencies will soon follow with similar rating upgrades". Sensex raced up 414 points at one point but stabilised later to close 235.98 points, or 71 bps higher at 33,342.80.
This is India's first rating upgrade since 2004, when it was upgraded to Baa3 from Ba1.
The 50-share Nifty raced past the key 10,300-mark during the day, only to come off the high and end at 10,283.60, a gain of 68.85 points, or 0.67 per cent.
India's economic growth had slipped to an over three-year low of 5.7 per cent in the first quarter.
"#Moody 's rating upgrade is a reaffirmation of improvement in India's economic fundamentals for long term sustainable growth".
"The intent of Modi government is to continue with its reform agenda", he said.
Moody's expects India's debt-to-GDP ratio to rise by about 1 percentage point this fiscal year, to 69%, as nominal GDP growth has slowed following demonetisation and the implementation of GST. "We don't think the other two global rating agencies - Fitch and S&P - will follow-up in a hurry, based on their cautious rhetoric", she said, noting their concerns on "weak" state and central government finances.
This is unedited, unformatted feed from the Press Trust of India wire.
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