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Sensex extends gains on normal monsoon forecast

The BSE Sensex was trading higher by 88.42 points, or 0.26%, at 34,393.85 at 10.30 am, while the broader NSE Nifty rose 17.20 points, or 0.16%t, to 10,545.55.

The BSE Sensex had gained 1,286.36 points in the previous eight sessions.

Extending its rising streak for the ninth session, the benchmark BSE Sensex advanced nearly 100 points in opening trade on Tuesday, after forecast of a normal monsoon for the year.

The 30-share barometer was trading higher by 88.42 points, or 0.26%, at 34,393.85 at 10.30 am, with power, metal, PSU, infrastructure, realty, capital goods and auto sector stocks leading the upward trend.

The gauge had gained 1,286.36 points in the previous eight sessions. Similarly, the NSE Nifty rose 17.20 points, or 0.16%t, to 10,545.55.

The Indian Meteorological Department on Monday said the country will receive “normal” monsoon rainfall this year, raising hopes for higher farm output and a boost to the rain-dependent rural economy.

Mixed trend at other Asian markets following a positive lead from Wall Street also influenced sentiment.

Major gainers were Power Grid, M&M, NTPC, Tata Steel, Tata Motors, Coal India, Dr Reddy’s, Adani Ports and Bajaj Auto, rising up to 2.76%.

Meanwhile, among other Asian markets, Hong Kong’s Hang Seng was up 0.02%, Japan’s Nikkei edged higher 0.01% in early trade. Shanghai Composite Index, however, fell 0.25%.

The US Dow Jones Industrial Average ended 0.87% higher in Monday’s trade.

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