Markets ignore Moody’s downgrade, Sensex rises 3,200 pts in 6 sessions
Stock markets on Tuesday ignored the rating downgrade by Moody’s and rallied 1.57 per cent even as Prime Minister Narendra Modi maintained that the country will get back its economic growth and pledged to undertake more structural reforms.
With the global markets also making strong gains on the back of easing of lockdown curbs, the Sensex rose by another 522 points to 33,825.53 and the NSE Nifty Index gained 153 points at 9,979.10 despite the rising number of Covid infections. With this gain, the Sensex has shot up 3,200 points in the last six sessions.
Stocks rising on sentiment
Markets shrugged off news regarding Moody’s credit rating downgrade, which was trumped by the expectation of the economy opening up. In spite of many possible negative triggers, a positive sentiment still drives the markets.
Nifty closed at its highest level since March 11. Volumes on the NSE were higher than normal. Financials and media stocks did well while PSU stocks fell.