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Benchmark indices logged their ninth straight gain on Tuesday, its longest run of gains since 2014, after the weather bureau forecast normal monsoon rains for the year.
The BSE Sensex has slipped into the negative territory at least thrice during Tuesday’s session. However, it managed to end in the green on the back of gains in index heavyweights HDFC and ITC. The index had last gained for nine consecutive sessions in September 2014.
The Meteorological Department on Monday forecast that the country would receive “normal” monsoon rainfall this year, raising hopes of higher farm output and a boost for the rain-dependent rural economy.
The World Bank had forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for 2019 and 2020, and noted that the country’s economy has recovered from the effects of demonetisation and the goods and services tax.
Power, realty, FMCG, consumer durables, metal, infra, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants. However, IT, teck, healthcare and auto stocks saw profit-booking.
The Sensex gained 0.26 per cent, or 90 points, to 34,395, while the Nifty50 index rose 0.2 per cent, or 20 points to 10,549. Both the indices have gained 4.2 per cent in the past nine trading sessions. The Sensex had last gained for nine consecutive sessions in September 2014.
The broader markets, too, continued to rule firm as investors were seen enlarging their bets, lifting the small-cap and mid-cap indices by 0.28 per cent each.