Bank stocks today rose by up to 6 per cent after the US-based Moody's upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook.


Shares of PNB surged 6 per cent, Bank of Baroda soared 5.17 per cent, Yes Bank gained 4.16 per cent, SBI (3.91 per cent) and ICICI Bank (3.55 per cent) on BSE.


The scrip of Axis Bank gained 2.64 per cent and HDFC Bank went up by 1.18 per cent. The BSE bank index also rose by 1.90 per cent to trade at 29,450.39. The broader market also cheered the news as the BSE Sensex jumped 331.72 points to trade at 33,438.54.


Moodys Investors Service, a credit rating agency, today upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook citing improved growth prospects driven by economic and institutional reforms.
-- PTI