Sensex, Nifty rise for 9th day on normal monsoon forecast; power, realty, FMCG, consumer durables shares up

Mumbai: Surging for the ninth straight session, the BSE Sensex gained about 90 points to close at 34,395 on Tuesday as stocks made further headway powered by normal monsoon forecast and positive trend in Europe.

This is the longest winning run since September 2014.

Sentiments remained upbeat after the Meteorological Department on Monday forecast that the country will receive "normal" monsoon rainfall this year, raising hopes of higher farm output and a boost for the rain-dependent rural economy, brokers said.

Power, realty, FMCG, consumer durables, metal, infrastructure, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants.

However, IT, teck, healthcare and auto saw profit-booking.

Sensex, Nifty rise for 9th day on normal monsoon forecast. Reuters image.

Sensex, Nifty rise for 9th day on normal monsoon forecast. Reuters image.

Mixed trend in other Asian markets and higher opening in European shares following a positive lead from Wall Street also influenced sentiment. US stocks showed signs of consolidation as the first-quarter earnings season pointed to strong growth and geopolitical tensions appeared easing.

The 30-share Sensex opened on a strong footing and forged ahead to hit the day's high of 34,434.14 as buying momentum picked up.

But gains were trimmed due to profit-booking at higher levels and the barometer slipped into a negative zone to touch a low of 34,229.83 before settling 89.63 points, or 0.26 percent, higher at 34,395.06, its highest level since 26 February when it settled at 34,445.75.

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

On similar lines, the NSE Nifty gathered 20.35 points, or 0.19 percent, to close at 10,548.70, after moving in the range of 10,560.45 and 10,495.65.

Stocks of jewellery and ornament makers turned buyers' fancy ahead of 'Akshya Tritiya' tomorrow, considered as an auspicious for buying precious metals.

Meanwhile, foreign portfolio investors sold shares worth Rs 308.13 crore on a net basis, while domestic institutional investors sold equities to the tune of Rs 28.97 crore yesterday, provisional data showed.

Updated Date: Apr 17, 2018 16:43 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See