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Sensex, Nifty touch new highs as Moody’s upgrade buoys sentiments (Second Lead)
Mumbai, Nov 17 (IANS) A sovereign ratings upgrade of the Indian government’s bonds and of some domestic industry majors from US credit rating agency Moody’s on Friday lifted the key Indian equity indices to their new intra-day record highs.
The two indices — S&P BSE Sensex and NSE Nifty50 — gained over 300 points each after the ratings upgrade.
Even during the late-afternoon trade session, both the indices maintained their upward trajectory, supported by broadly positive Asian markets and healthy uptake in bank, metal and consumer durable’s counters.
Stocks of firms like HPCL, IOC, ONGC, GAIL and NTPC rallied as these firms were amongst those which got an issuers and ratings upgrade.
However, profit booking slowed the exponential rise which was witnessed during the morning and noon sessions.
The 30-scrip Sensitive Index (Sensex) traded 329.40 points or 0.99 per cent higher during the mid-afternoon session.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 79.75 points or 0.78 per cent at 10,294.50 points. The Nifty 50 touched a new intra-day high of 10,343.60 points.
The BSE Sensex, which opened at 33,388.47 points, traded at 33,391.25Apoints (at 2.45 p.m.) higher 284.43 points or 0.86 per cent from the previous day’s close at 33,106.82 points.
The Sensex touched a high of 33,520.82 points — its new intra-day high — and a low of 33,380.39 points in the trade so far.
“Markets rose to touch their record intraday-day highs as Moody’s upgrade buoyed investors sentiments,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“However, the post afternoon trade saw profits being booked as steep selling took place… markets it seems is taking a breather post the upgrade.”
The upswing in the key indices came after the US credit rating agency Moody’s upgraded India’s sovereign rating to Baa2 from its lowest investment grade of Baa, while changing the outlook for the country’s rating to stable from positive, and said its was based on the Indian government’s “wide-ranging programme of economic and institutional reforms”.
The rating agency simultaneously upgraded India’s local and foreign currency issuer rating to Baa2 from Baa3.
“The decision to upgrade the ratings is underpinned by Moody’s expectation that continued progress on economic and institutional reforms will, over time, enhance India’s high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term,” a Moody’s Investor Service release said.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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