Nifty Bank holds 400-pt rally on India’s rating upgrade; IT stocks dive

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Equity benchmarks as well as broader markets maintained early gains, with the Sensex rising more than 300 points after Moody’s upgraded India’s sovereign rating. The rally was driven by banks and metals.

The 30-share BSE Sensex was up 335.96 points or 1.01 percent at 33,442.78 and the 50-share NSE Nifty rose 102.20 points or 1 percent to 10,317.

The gap between advances and declines narrowed a bit. About three shares advanced for every share falling on the BSE. The ratio was 5:1 in early trade.

Technology stocks were under pressure on rising rupee against US dollar.

HDFC twins, ICICI Bank, Reliance Industries, ITC were leading contributors to Nifty’s gains, rising 1-3 percent.

HDFC Life extended gains, rising 17 percent over issue price.

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