Source: Agencies12 Apr 2016 16:55:00
Mumbai, April 12: Extending gains for the second consecutive session, the S&P BSE Sensex added 123 points to end above its crucial psychological level of 25,000, while broader CNX Nifty ended above 7,700 level.
The headline indices rallied as companies with big rural sales such as Hero MotoCorp rose after the country's only private weather forecaster Skymet said 2016 monsoon rains were likely to be above average.
The 30-share index ended the day at 25,145, up 123.43 points, while broad-based 50-share index quoted 7,708, up 37.55 points at close. Market breadth turned fairly positive with 23 of the 30 Sensex components ending the day in green. GAIL stock was the best performer on both the benchmark indices and gained 4.1 per cent.
Monsoon rains are expected to be 105 per cent above a long-term average, with a 35 per cent probability of above average rainfall, Skymet said in a statement on Monday. State-run India Meteorological Department is expected to issue its forecast later in the day.
Agriculture-related stocks jumped on better-than-normal monsoon forecast. Jain Irrigation Systems rose 3.21 per cent, while Insecticides (India) soared 16.92 per cent.
Hopes of revival in rural demand also boosted two-wheeler maker Hero MotoCorp and consumer goods firm Hindustan Unilever. Hero MotoCorp and Hindustan Unilever were up 2.47 per cent and 0.83 per cent, respectively.
Jewellery makers, including Tribhovandas Bhimji Zaveri, rose after they re-opened shops following nearly six weeks of protest.
Nestle India gained 4.64 per cent after the company said on Monday all 29 samples of Maggi noodles tested clear by government test lab Central Food Technological Research Institute.