Stock Market On A High After Moody's Raises India Outlook

09/04/2015 5:06 PM IST | Updated 15/07/2016 8:25 AM IST
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Indian stockbrokers celebrate as they watch the Bombay Stock Exchange (BSE) index on their trading terminal in Mumbai, India, Tuesday, May 13, 2014. India's stock market and currency rallied Tuesday on exit polls predicting election victory for a pro-business party and its allies. The Sensex stock index rose above 24,000 for the first time, gaining more than 2 percent before paring its gain. The dollar, meanwhile, fell to 59.60 rupees from 60.05 rupees on Monday. (AP Photo/Rajanish Kakade)

MUMBAI — The BSE Sensex closed at its highest in nearly a month, gaining for the fifth straight session on Thursday, with lenders such as State Bank of India rising after rating agency Moody's revised India's sovereign rating outlook.

Moody's revised India's sovereign rating outlook to "positive" from "stable" on Thursday, a step closer to an upgrade of the credit rating, as it expects actions by policymakers to lift the country's economic growth.

The Sensex gained 0.62 percent to 28,885.21 points, its highest closing level since March 12. Lenders such as Axis Bank, SBI, HDFC Bank, ICICI Bank led the charge and rallied in the range of 1.65 per cent to 2.88 per cent.

The Nifty ended 0.73 percent to 8,778.30 points, marking its highest close since March 5.

The Bank Nifty closed up 2.49 percent. State Bank of India closed up 2.54 percent.

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