10:30am Moody's on India: Moody's
Investors Service said that its assessment of India's credit ratings will be
determined mainly by the extent of its fiscal reforms, not recent revisions to
its economic growth data.
The comments come a day after rival Standard
& Poor's said India must boost growth, cut its fiscal deficit and fulfil
promises of financial and fiscal reforms in order to justify an upgrade in its
credit rating.
The government on Saturday will present its
fiscal budget for the new fiscal year starting in April amid high hopes that it
will find a way to boost capital spending while exercising fiscal restraint.
"The upward revisions of India's GDP growth
based on methodological and base year updates -- highlight the strength of the
economy, but do not impact Moody's overall assessment of the sovereign's credit
profile," the agency said.
"Rather, fiscal and structural reform
policies will determine the extent to which accelerating growth will buttress
the sovereign credit profile."
10:00am Market Check
The market continued to see buying interest with
the Nifty holding 8800-mark supported by banking & financials, oil &
gas and metals stocks.
The 30-share BSE Sensex rose 167.87 points to
29172.53 and the 50-share NSE Nifty climbed 51.10 points to 8813.20. The BSE
Midcap and Smallcap indices gained half a percent too.
About 1261 shares have advanced, 752 shares
declined, and 176 shares are unchanged on the BSE.
Adrian Mowat, JP Morgan says India remains the
highest net overweight market in emerging markets.
Shares of HDFC, Reliance Industries, ONGC,
Mahindra & Mahindra and Sesa Sterlite topped the buying list, up 1.5-2
percent. Infosys, ICICI Bank and Tata Motors gained 1 percent each. However,
ITC, L&T, Sun Pharma, HUL and Hero Motocorp saw marginal loss.
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