Investor wealth today surged by Rs 1.71 lakh crore, helped by a bullish market sentiment, where the Sensex rose by 236 points.
The 30-share key benchmark index ended the day 235.98 points higher at 33,342.80.
Led by the gain in the stock market, the total market capitalisation of BSE-listed companies surged by Rs 1,71,489.22 crore to Rs 1,44,90,494 crore.
"Moody's India ratings upgrade is an acknowledgement of the economic and structural reforms undertaken over past few of years. This is a welcome move as it will bring down the cost of overseas borrowings for Indian corporates especially the ones with high cost domestic debt on their books.
"It will have a positive impact on Indian banking system, corporate borrowing programmes and initiate the much awaited private capex cycle. This will further add a fillip to FII inflows towards Indian equity markets," said Arun Thukral, MD and CEO, Axis Securities.
Moody's Investors Service today raised India's sovereign rating for the first time in 13 years, saying growth prospects have improved with continued progress on economic and institutional reforms.
The US-based agency upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising levels of debt.
Meanwhile, Cipla was the leader of the Sensex chart, gaining 2.64 per cent, while HDFC Ltd came in next, up 2.23 per cent.
Broader markets played along, with mid-cap and small cap indices adding up to 1.03 per cent.
On BSE, 1,615 stocks advanced, while 1,135 declined and 174 remained unchanged.
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