Normal monsoon predictions, better GDP hopes lift equity indices
Mumbai: Predictions of normal southwest monsoon rains, and expectations of a improved gross domestic product data due later in the day pushed the key Indian equity indices higher on Thursday afternoon.
On Wednesday, the India Meteorological Department (IMD) said India is likely to receive normal rainfall during the four months of the southwest monsoon season this year.
According to market analysts, healthy buying activity was witnessed in the oil and gas and banking stocks.
At 12.27 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,660.30 points, up 45.95 points or 0.43 per cent from the previous close of 10,614.35 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,083.81 points, traded at 35,055.06 points (12.27 p.m.) -- up 148.95 points or 0.43 per cent -- from its previous session's close of 34,906.11 points.
The Sensex has so far touched a high of 35,152.17 and a low of 34,926.08 points. The BSE market breadth, however, was tilted towards the bears, with was bullish with 1391 declines against 1,018 advances so far.
"All eyes are on the key gross domestic product and fiscal deficit data due later in the day," said Dhruv Desai, Director and Chief Operating Officer at Tradebulls.
The major gainers on the BSE were ONGC, HDFC Bank, Coal India, Mahindra and Mahindra (M&M), Infosys and IndusInd Bank, while Hero MotoCorp, ICICI Bank, Sun Pharma, Dr Reddy's Lab and Tata Motors
On the NSE, the top gainers were ONGC, HDFC Bank and Tech Mahindra, while Sun Pharma, Hero MotoCorp and ICICI Bank lost the most.