Nifty scales new peak, monsoon forecast does the trick

A better than forecast monsoon prediction took the benchmark Nifty to a record 9,407 today, which went past the 9,400 milestone for the first time ever following all-round buying.
The Indian Meteorological Department (IMD) yesterday said monsoon rainfall will be higher than earlier forecast, which means good news for the rural economy.
The NSE 50-share Nifty index opened higher at 9,339.65 and hit an intra-day all-time high of 9,414.75 before ending at 9,407.30, up 90.45 points, or 0.97 percent.
It saw an intra-day movement of about 78.75 points.
Overseas, European stocks edged lower amid fresh corporate earnings and after unexpected firing of the Federal Bureau of Investigation (FBI) Director James Comey by the Trump administration. Asian stocks traded mixed.

Sector-wise, media climbed (2.25 per cent) FMCG (1.81 per cent), auto (1.44 per cent), financial service (1.25 per cent), energy (1.15 per cent), pharma (1.09 per cent) and metal (0.79 per cent).

Among the laggards, PSU banks continued its fall (0.81 per cent) followed by IT (0.58 per cent).
Continuing its winning momentum, the broader mid-cap and small-cap extended gains of 0.56 and 0.72 per cent, respectively.
Major index gainers were Bharti Airtel 7.97 percent, ZEEL 4.15 percent, Hindustan Unilever 4.65 percent, Aurobindo Pharma 4.14 per cent, HDFC 3.18 per cent and Eicher Motors 2.83 per cent.
Tata Power fell by 1.87 per cent while other notable losers were Wipro (1.82 percent), GAIL (1.02 per cent) and TCS (0.85 per cent).

A total of 1,025 scrips advanced, 634 declined and 89 remained unchanged. Total securities that hit their price bands were 106.
Turnover in the cash segment rose to Rs 24,298.29 crore, from Rs 23,564.99 crore yesterday.
A total of 12,015.77 lakh shares changed hands in 8,827,912 trades. The market capitalisation of listed firms stood at Rs 12,476,092.36 crore.