Sensex and Nifty rose, S&P rating upgrade

Mumbai Nov 24: On Friday, Sensex rose led by IT firms while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor s (S&P) later in the day.Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody s last week."There is a knee-jerk reaction in the market because of the S&P expectation," said Guarang Shah, head investment strategist at Geojit Financial Services."There could be a bump of 200-300 points, but the markets will consolidate again. However, these upgrades could see new foreign investments coming in".The broader NSE Nifty was up 0.36% at 10,385.8 as of 0637 GMT, while the benchmark BSE Sensex was 0.27 percent higher at 33,679.92"IT stocks were the underperformers when the indexes rallied earlier this month, but better-than-expected quarterly numbers and the ability to scale up operations by launching high margin products will bring traction in this sector," Shah added.