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Sensex zooms 348 pts on hopes of good monsoon

Buoyed by expectations of a good monsoon this year, the BSE Sensex regained the 25,000-mark on Monday by rebounding 348 points to snap its two-day losing run, as investors widened their bets in bank and IT sectors in the last two hours of the session.

Hopes of a strong performance from IT firms in the upcoming fourth quarter earnings, beginning Friday with Infosys, also boosted the sentiment.

The government on Monday said after two years of deficient rainfall, monsoon this year is expected to be normal.

“El nino condition is declining. It is expected that La Nina condition will takeover and will perhaps favour a good monsoon this year,” Agriculture Secretary Shobhana K Patnaik said.

Met Department’s predictions will be out later this month.

Sensex resumed higher at 24,789.40 and hovered in a range of 25,049.92 to 24,523.20 before ending at 25,022.16, showing a recovery of 348.32 points or 1.41 per cent. The gauge had lost 226.79 points in the previous two sessions.

The NSE Nifty crossed the 7,600-mark in a volatile trade.

At the close, it was higher by 116.20 points or 1.54 per cent, at 7,671.40. It hovered between 7,678.80 and 7,516.85.

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