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Sensex, Nifty Scale New Highs; Consumer Stocks Rally

Sensex, Nifty hit record highs; Consumer goods stock rally.

Source: Bloomberg
Source: Bloomberg
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Indian shares hit a record high, led by gains in consumer goods stocks such as Hindustan Unilever as prospect of good monsoon raised growth optimism for Asia's third-largest economy.

The monsoon this year could be “normal” and bring 100 percent rainfall instead of 96 percent as predicted earlier, news wire PTI reported citing Indian Meteorological Department.

The S&P BSE Sensex rose 1.05 percent at 30,248, its highest ever. The NSE Nifty advanced 0.97 percent to a new record of 9,407.

Among the sectoral indices, S&P BSE FMCG index gained 1.8 percent while the S&P BSE Auto index rose 1.5 percent.

The market breadth was skewed in the favour of gainers, with about 6 stocks advancing to every 4 stocks that declined.

Correction Unlikely?

“We expect Nifty to scale 9,600 mark in the next three months and don’t see any major correction coming in for the markets. Even is a correction comes in, it would be bought in by investors in a big way,” said Dilip Bhatt, joint managing director at Prabhudas Liladhar.

Sensex, Nifty Scale New Highs; Consumer Stocks Rally
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