Bank Nifty Achieves Lifetime High After Moody’s Rating Upgrade

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As the markets open on the last trading day of the week, the Nifty Bank surged as much as 2% achieving lifetime high of 25,902.50 after the Moody’s upgraded the sovereign credit rating of India.

Moody's Investors Service (Moody's) upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.

The price action occurred in both, PSU and Private Banking stocks in the market session. PSU Banking stocks like Punjab National Bank, Bank of Baroda and Canara Bank gained more than 3% in the initial hours of the market session. Private Banks like ICICI Bank, Yes Bank, and Axis Bank gained more than 2% accelerating Nifty Bank to new 52 week high.

Nifty Bank is trading at a level of 25,829 points, up by 1.5% or 383 points and Nifty PSU Bank is trading at a level of 4,134 points, up by 2.57% or 104 points 

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