Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Sensex Scales New Peak; Consumer Stocks Rally On Rain Hopes

Shares hit a record high on Wednesday as stocks of consumer goods and agriculture-dependent companies rallied after the country's weather office forecast a higher monsoon rainfall than previously expected

Photo Credit : Reuters

1456152497_KStDRm_broker.jpg

Shares hit a record high on Wednesday (May 10) as shares of consumer goods and agriculture-dependent companies rallied after the country's weather office forecast a higher monsoon rainfall than previously expected.

The broader NSE Nifty rose as much as 0.81 per cent to a record high of 9,392.50, surpassing its previous milestone recorded on May 5.

The benchmark BSE Sensex gained as much as 0.91 per cent to 30,207.13, its highest ever.

Analysts said the long-term outlook for stocks remained healthy as earnings so far have been encouraging.

"The focus has been on the corporate results season, which has done quite well so far," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Hindustan Unilever Ltd rose as much as 4.9 per cent and was among the top percentage gainers on the NSE index while Dabur India Ltd and Nestle India Ltd gained between 2 per cent and 4 per cent respectively.

Tractor maker Escorts Ltd rose 7 per cent while rival Mahindra and Mahindra Ltd jumped 2 per cent.

The chief of the country's state-run India Meteorological Department on Tuesday said India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition eased.

Monsoon delivers about 70 per cent of India's annual rainfall, critical for crops such as rice, cane, corn, cotton and soybeans as nearly half of the country's farmland lacks irrigation.

Index heavyweight Bharti Airtel jumped as much as 4.5 per cent on strong subscriber addition.

Petronet LNG Ltd rose as much as 4.6 per cent to its highest since April 21, after the company posted a 92 per cent jump in March-quarter profit.

Among losers, Biocon fell as much as 6.1 per cent, after the US health regulator issued form 483 to its Bangalore facility with 8 observations.

IDBI Bank declined 4.5 per cent after the Reserve Bank of India initiated "prompt corrective action" over the lender's high bad loans and negative return on assets.

The NSE was last up 0.71 per cent while the BSE was up 0.81 per cent.

(Reuters)


Tags assigned to this article:
sensex nifty shares stocks