Indian market takes heart from news of likely normal monsoon
As investors raised their pace of buying late in the day, especially in technology, auto, FMCG and bank stocks, and with expectations increasing about the upcoming March quarter earnings season, which will begin with the Infosys declaring its results on April 15, the market sentiment got a fillip.
The Union government said on Monday that after two years of deficient rainfall, this year India is expected to see normal rainfall.
According to media reports, Agriculture Secretary Shobhana K Patnaik has said that El nino condition is declining and it is expected that La Nina condition will takeover and will perhaps usher in a good monsoon this year.
Finance Minister Arun Jaitley is leaving for United States on Tuesday on a seven-day official visit; he will attend Spring Meetings of World Bank and IMF and participate in an Institutional Investors Meet and other programmes.
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