Moneycontrol
Nov 30, 2016 02:12 PM IST | Source: Moneycontrol.com

Sensex, Nifty continue to rise; banks, capital goods stocks jump

Maruti Suzuki, ICICI Bank, HUL, Sun Pharma and L&T are top gainers while Coal India, GAIL, NTPC, HDFC and Reliance are major losers in the Sensex.


Moneycontrol Bureau

1:45 pm Moody's on Tatas:
Moody's Investors Service today said it will be business as usual for listed Tata companies despite the boardroom brawl but cautioned that any change in the group's strategy and Tata Sons' support policy for operating companies could exert pressure on their ratings.


The ratings of four Tata Group operating companies continue to benefit from an uplift from the group's main holding company, Tata Sons, despite the group's ongoing board reshuffle, it said.


"We expect that Tata Sons can continue to extend support to its key operating companies, should the need arise, owing to its substantial cash holdings and the significant value of its listed equity investments, and despite an ongoing boardroom reshuffle," says Kaustubh Chaubal, Moody's Vice President and Senior Analyst.


1:30 pm Europe: European markets started trading mixed with investors closely following political developments in Italy and a potential OPEC deal.

Oil markets were jittery on Wednesday as OPEC members gathered in Vienna trying to reach an agreement on a production cut. However, investors are concerned that a deal may not be reached between the group and oil prices could subsequently sink due to oversupply in the market.




Meanwhile, The Royal Bank of Scotland (RBS) announced a revised capital plan on Wednesday after failing a stress test from the Bank of England.




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The market is still holding gains as the Sensex is up 108.00 points or 0.4 percent at 26502.01. The Nifty is up 39.30 points or 0.5 percent at 8181.45. About 1599 shares have advanced, 811 shares declined, and 182 shares are unchanged.


Maruti Suzuki, ICICI Bank, HUL, Sun Pharma and L&T are top gainers while Coal India, GAIL, NTPC, HDFC and Reliance are major losers in the Sensex.

Hugh Young, Managing Director at Aberdeen Asset Management Asia says although the surprise demonetisation move did lead to a lot of confusion, it shows a strong commitment to reforms. It is definitely an important signal and overseas investors have read it positively. However, one is keen to see more such reforms. Goods and Services Tax (GST) would be a long-term positive if implemented properly, says Young in an interview to CNBC-TV18.

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