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IMD forecast keeps the hope factor alive with Sensex back in green

A normal monsoon forecast by IMD kept the hope factor alive for stocks as the Sensex closed higher -- albeit marginally -- after four days of losses in the face of muted corporate results so far.


By   |  Updated On : April 19, 2017 11:44 PM
Representational image (Source: PTI)

Representational image (Source: PTI)

Mumbai :  

As the Sensex closed higher -- albeit marginally -- after four days of losses in the face of muted corporate results so far, a normal monsoon forecast by IMD kept the hope factor alive for stocks on Wednesday.

The Nifty, however, ended in the red amid a recovery in Europe. With more companies due to announce results, investors remained largely cautious.

The government's weather office on Tuesday predicted a normal monsoon for June-September, which is expected to give a boost to the rural economy.

At the close, the 30-share index stood at 29,336.57, up 17.47 points, or 0.06 per cent. The barometer had lost 469.25 points in the previous four sessions, largely because of continued geo-political tensions and rising wave of global protectionism in the form of visa restrictions.

Read more: India set to become important destination for FDI: US official

The 50-share NSE Nifty shed 1.65 points, or 0.02 percent, at 9,103.50.

"The Indian Meteorological Department's first stage forecast for the important Indian monsoon season suggested...a near normal season", said Karthikraj Lakshmanan, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.

Mirroring overnight losses in the US, most Asian shares turned lower after Britain's shock decision to call an early election added to global uncertainties, traders said.

TCS, the country's largest software exporter, on Wednesday fell 0.30 per cent after the company's March quarter profit came in below expectations.

Power Grid took the top rank, climbing 4.35 per cent. Adani Ports, NTPC, Asian Paints, Coal India and Maruti Suzuki rose by up to 1.24 per cent.

SBI, Hero MotoCorp, Dr Reddy's and ICICI Bank faced selling pressure.

Read more: IMF cuts down India’s annual growth forecast by 0.4 per cent, keeps it at 7.2 per cent

BSE power index made the maximum advance, rising 2.04 per cent, followed by realty, metal and capital goods.

Broader markets were better-off, with the small-cap and mid-cap gaining more than the benchmark.

Foreign investors net sold shares worth Rs 930.67 crore while domestic institutional investors bought shares worth 878.08 crore on Tuesday, provisional data showed. 

First Published: Wednesday, April 19, 2017 11:30 PM

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