Markets may open strong as Moody upgrades India's rating

Today, the start for Indian markets is likely to be a strong on the back of optimism prevailing in the global bourses and with Moody’s Investor Service upgrading India’s sovereign rating for the first time since 2004. The rating agency has upgraded India’s rating to Baa2 from Baa3. As per early SGX indication, Nifty Fut (Nov) may open around 10,343 with gains of 83 points at the opening bell.  

Majority of the Asian indices are trading firmly in the positive terrain in early deals on Friday. Japan's  Nikkei 225 has surged 0.79%, Hong Kong’s Hang Seng has risen 0.84%, but China’s Shanghai Composite has bucked the trend and  slipped 0.26%.  

Back home, market opened on a cheerful note on the back of favourable cues from the Asian bourses and extended its morning gains to reclaim its important psychological level of 10,200 mark on a closing basis. Even the broader markets ended the session in the green as Nifty Mid-Cap and Small–Cap indices surged 1.10% and 0.80%, respectively. Sector-wise, Nifty PSU came to the rescue of the markets as it rose by 3.22% and additional fuel was infused by the heavyweight IT stocks. At the end, markets snapped their recent losing streak, as BSE Sensex gained 346 points to settle at 33,106 and Nifty rose 97 points to close at 10,215. 

The US stocks showed a strong comeback on Thursday with tech-laden Nasdaq recording a new record closing. The Dow Jones Industrial Average climbed 187 points to close at 23,458, S&P 500 jumped 21 points to finish at 2,587 and Nasdaq Composite index advanced 87 points to close at 6,793. On the earnings front, there was a big surprise from Cisco and Walmart as both stocks beat analysts’ expectations.    

The European stock indices ended Thursday’s session with gains. The German DAX index rose 0.6%, French CAC 40 index surged 0.7%, while FTSE 100 of the UK added 0.2%