Sensex logs 9th gain on monsoon hopes; longest winning run in over 3 years

Indian stocks clocked their ninth straight gains on Tuesday, the longest winning streak in over three years, with the benchmark Sensex rising nearly 90 points after the Met department’s normal monsoon forecast further lifted investor sentiments.

Besides, positive cues from other Asian markets and a higher opening in European shares following an encouraging lead from Wall Street had a good influence on trading.

This nine-session winning run is the longest for the equity benchmarks Sensex and Nifty since September 2014.              

The Meteorological Department yesterday forecast that the country will receive “normal” monsoon rainfall this year,

raising hopes of higher farm output and a boost for the rain-dependent rural economy.

“Market remains in a trading range led by normal monsoon forecast and positive earnings expectation. However, underlying

caution ahead of state election and volatility in crude price refrained the market

from a decisive upmove. IT index slid despite a weak INR as lowering of margin guidance for FY19 added concerns in the mind of investors,” Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.