Mumbai: The Sensex got strengthened post Moody's upgraded India's rating to investment grade, rising 350 points. Even the Nifty too hit the century led by sharp upside in banks, oil & gas and capital goods stocks.
After looking at steep upmove in heavyweights, it seems that investors stepped in to the market. The Sensex spiked up 352 points to 16,166.56 and the Nifty jumped 108 points to 4,850.75.
Banks' rallied on hopes that there may be some rate cut action from central bank in its policy meeting on January 24. Bankers, in a today's meeting with RBI ahead of policy meet, have sought CRR cut.
The BSE Realty Index topped the buying list among sectors, rising 5 percent. Capital Goods, Bank, Metal and Oil & Gas shot up 3 percent each. Auto and Power gained 2.5 percent.
Index heavyweights Reliance Industries, ICICI Bank, L&T and SBI surged 4-4.6 percent. M&M retained its top position among gainers, rising 5.4 percent. Bharti Airtel was up 3 percent.
HDFC, Infosys, ITC, HDFC Bank, Tata Motors, Tata Steel, ONGC, BHEL and Hero Motocorp were up 1-3 percent. However, TCS remained under pressure, falling 0.66 percent.
The broader indices too moved up - in line with benchmarks; the BSE Midcap Index was up 2.4 percent and Smallcap up 2.8 percent.
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