Indian equity benchmarks rose for second day in a row after Moody's Investor Service upgraded India's credit rating to 'Baa2' from 'Baa3' for first time since 2004, citing continued progress in the nation’s economic and institutional reforms.

The S&P BSE Sensex rose 0.71 percent to 33,342.80 and the NSE Nifty 50 Index advanced 0.67 percent to 10,284. The gains were broad-based as the S&P BSE MidCap Index rose 1 percent and the S&P BSE SmallCap Index advanced 0.8 percent.

Seventeen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Realty Index's 3.7 percent surge. On the other hand, the S&P BSE Information Technology Index was the top sectoral loser, down 1.4 percent after rupee rose most in over eight months against the U.S. dollar.