Sensex rallies on monsoon forecast, up 126 points

Sensex rallies on monsoon forecast, up 126 points

Extending gains for the second day, the benchmark BSE Sensex today rose over 126 points in early trade on increased buying by participants, supported by forecast of a timely monsoon and hopes of a rate cut by the Reserve Bank of India (RBI) amid mixed Asian cues.

The 30-share index gained 126.47 points, or 0.46 per cent, to 27,450.47 with all the sectoral indices, led by oil & gas, auto and consumer durables, trading in the positive zone with gains of up to 1.32 per cent.

The index had gained 117.94 points in the previous session on Friday.Also, the NSE Nifty advanced 32.25 points, or 0.39 per cent, to 8,294.60.

Brokers said the pick-up in buying by investors, triggered by forecast of a timely monsoon and expectations of a rate cut by the Reserve bank of India at its policy meet early next month, buoyed trading sentiment.

Meanwhile, the India Meteorological Department (IMD) forecast that the monsoon may hit the Kerala coast on May 30 even as the country stares at the possibility of below-normal rains for the second consecutive year.

Stocks of oil marketing companies such as HPCL, BPCL and IOC were trading up to 3.35 per cent higher on the back of a hike in petrol and diesel prices last week. Among other Asian markets, Japan's Nikkei rose 0.43 per cent while Hong Kong's Hang Seng index was down 0.67 per cent in early trade today.The US Dow Jones ended 0.11 per cent higher in Friday's trade. 

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