Monsoon is strengthening over the Arabian Sea and there have been favourable developments in the last 48 hours for bountiful rains in India. India Meteorological Department Director BP Yadav on Tuesday pointed out that Kerala has been getting a good amount of rainfall continuously.(BONAZ CAPITAL)
"The cloud organisation is not yet fully developed and therefore monsoon likely to set over Kerala by June 9," said Yadav. The normal date of monsoon onset over Kerala is June 1. Speaking about the unprecedented heat wave in several regions of the country, the IMD chief said severe weather conditions will continue in
western and eastern parts of Rajasthan, western Haryana, some parts of Gujarat and western Madhya Pradesh.
"The cloud organisation is not yet fully developed and therefore monsoon likely to set over Kerala by June 9," said Yadav. The normal date of monsoon onset over Kerala is June 1. Speaking about the unprecedented heat wave in several regions of the country, the IMD chief said severe weather conditions will continue in
western and eastern parts of Rajasthan, western Haryana, some parts of Gujarat and western Madhya Pradesh.
The market is on fire as banks lend strong support. The Sensex is up 261.92 points or 0.9 percent at 27039.37, and the Nifty up 81.85 points or 1 percent at 8282.90. About 1434 shares have advanced, 943 shares declined, and 138 shares are unchanged. ICICI Bank, SBI, HUL, Sun Pharma and ITC are top gainers.
The Finance Ministry said the RBI monetary policy is broadly in line with government's expectations on growth and inflation. In its second bi-monthly policy review for the current fiscal, RBI maintained status quo on interest rate, while pegging economic growth at 7.6 percent and retail inflation target at 5 percent for January 2017.
Domestic conditions for growth are improving gradually, mainly driven by consumption demand, which is expected to strengthen with a normal monsoon and the implementation of the 7th Pay Commission award, Reserve Bank of India said.
Oil prices edged down slightly today but held around 11-month highs thanks to a weaker dollar and forecasts for another drop in US inventories. The commodity has rebounded about 90 percent from near13-year lows touched at the start of the year as worries over a global supply glut ease and output from key producers Nigeria and Canada is dented.
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