Moody's rating perks up stocks, Sensex up 305 points

Moody's rating perks up stocks, Sensex up 305 points

Key benchmark indices on Tuesday surged and settled at their highest closing level in over 2-1/2 weeks as investor sentiment got a boost by global credit rating agency Moody's retaining its stable outlook on India's sovereign rating followed by a healthy savings and investment rate that exceeded other emerging economies.

The market sentiment was also boosted by Prime Minister Manmohan Singh's comments
that he was confident of the UPA government numbers in Parliament -- after a meeting with UPA leaders.

Sensex at BSE gained 305.07 points or 1.65 percent to 18,842.08, its highest closing since November 8, 2012. The 50-unit S&P CNX Nifty at NSE rose 91.55 points or 1.62 percent to 5,727.45, its highest closing from November 8, 2012. The index hit a high of 5,733.20 and a low of 5,658 in intraday trade.

Also news of Greece's official creditors,including International Monetary Fund and European Union, had agreed on a deal to lower the country's debt burden also buoyed investor sentiment in D-Street.

Market sentiment was also boosted by data showing that foreign institutional investors (FIIs) remained net buyers of Indian stocks on Monday as they bought shares worth a net Rs 206.30 crore from the secondary equity markets as per data released by market regulator Sebi. 

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