Nifty hits 9,400 for first time ever, Sensex surges 300 pts on IMD forecast

Pharma, banks, and auto indices gained over half a percent, while IT was down by half a percent

Benchmark indices held on to their gains, with indices trading around their fresh high marks as IMD’s new monsoon forecast raised prospects of higher agricultural and economic growth, cheering the investors.
 
India is likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, the chief of the weather office said on Tuesday. IMD earlier estimated this year's monsoon rains at 96% of the 50-year average of 89 cm.
 
Sentiment was also lifter by Asian stocks, which edged higher for a third consecutive day, as investors focused on strong corporate