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Indian Bourses Continue to Rally Despite Rating Downgrade, Sensex Up 310 Points in Opening Trading

© AP Photo / Rafiq MaqboolA man walks near the bronze statue of a bull outside the Bombay Stock Exchange (BSE) in Mumbai, India, Thursday, Oct. 4, 2018
A man walks near the bronze statue of a bull outside the Bombay Stock Exchange (BSE) in Mumbai, India, Thursday, Oct. 4, 2018 - Sputnik International
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New Delhi (Sputnik): The COVID-19 pandemic has wiped out the value of Indian equities by at least 20 percent from their February levels. From over 41,000 at the end of February, the Indian index Sensex now stands at 33,000.

Despite Moody's downgrading India's sovereign rating to the lowest level on Monday, the nation's bourses opened strong and rallied in early trading on Tuesday. The Bombay Stock Exchange's 30-share index, Sensex zoomed 310 points to trade at 33,613.

Similarly, the broader index, Nifty of the National Stock Exchange (NSE) was up 70 points to trade at 9,896 points. 

Moody's is of the view that the country's policy institutions will be challenged in implementing policies which help reduce risk of low growth. 

The Indian currency, however, lost some strength against the US dollar in opening trading. The rupee depreciated 6 paise against the dollar at 75.60 in early trading. 

 

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