Nifty ends above 7,700 on above normal monsoon forecast
Stock Trading Tips :-The
S&P BSE Sensex ended up 134 points at 25,146 and the Nifty50 ended up 38
points at 7,709. In the broader market, the BSE Midcap and Smallcap indices ended
up nearly 1% each. Market breadth remained positive with 1511 gainers and 1111 losers
on the BSE."The key trigger for the markets has been the forecast of above
normalmonsoon this year. Further, IMD will also release its forecast later
today and a favourable reading could lead to further upsides," Director,
Altamount Capital Management.
Skymet, a non-government weather forecaster, said
on Monday that the year's southwest monsoon should be slightly ‘above normal’,
at 105 per cent of the Long Period Average (LPA). Rainfall within 96-104 per
cent of the LPA is considered normal and anything above as 'above normal'. LPA
is 889 mm, the average rain the country got in the 50 years from 1951. Foreign
institutional investors were net buyers in equities worth Rs 107 crore, as per
provisional stock exchange data. Meanwhile, market will remain closed on
Thursday and Friday on account .
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