The Indian stock market staged a show of strength on Friday, November 17. Upbeat sentiment was stoked by news that Moody’s raised India’s sovereign ratings, for the first time in the last 14 years, to Baa3 from Baa2, citing progress in government-led reforms and sustainable GDP growth. Markets pared some gains by the close, but had gathered enough momentum earlier in the session to close in the green. In sectoral terms, energy, financial, metals, industrial, banking, FMCG and healthcare names logged gains, while only technology stocks underperformed the broader market. Recapping the benchmarks, the Nifty 50 advanced 0.67% to 10,283.60, and the BSE Sensex firmed 0.71% to 33,342.80. By 10:20 GMT, the USD/INR currency pair eased 0.32% to 65,013, while EUR/INR traded down 0.21% to 76.6982. The 10-year Indian government bond yield narrowed to 6.974%. As noted above, financial names were well bid, with Housing Development Finance and Yes Bank adding 2.2% and 1.6%, respectively. Meanwhile, IT players Infosys and Tata Consultancy Services shed 1.2% and 1.4% as the rupee strengthened, thus negatively affecting the sector, which mostly generates revenues on the US market. As the daily chart shows, a gap has shaped up on the BSE Sensex, while the Slow Stochastic Oscillator is about to exit oversold territory. Consequently, the uptrend will likely be extended in the short term.