Indian Indices Opens Strong

Wed, 13 Apr 09:30 am

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Major Asian stock markets have opened the day on an encouraging note. Stock markets in Japan and China are trading higher by 1.6% and 2% respectively. Benchmark indices in Europe and US ended their previous session on a positive note with stock markets in US ending the day higher by 0.9%. The rupee is trading at 66.58 per US$.

Indian stock markets have opened the day on a bullish note. The BSE Sensex is trading higher by 297 points (up 1.2%) and NSE Nifty is trading higher by 85 points (up 1.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.9%. Major sectoral indices have opened the day in green with stocks from banking and telecommunication sectors witnessing buying interest.

As reported in a financial daily the weather forecast department of India, Indian Meteorological Department (IMD) predicted above normal rains in the upcoming monsoon season. This could help revive the rural demand which has remained subdued since long.

The agency Further, the agency stated that the monsoon rainfall will be 106% of the long period average and there is a 94% probability that monsoon will be normal to excess. Reportedly, the monsoon is considered normal when the rainfall is 96 to 104% of the Long Period Average (LPA) and is considered above normal when it is 105% to 110% of LPA.

The news comes as a relief considering that the country has faced a deficit rainfall in the preceding two years. Eleven states declared a drought in the country after last year's failed rains which have also led to depleting water levels in reservoirs.

A normal monsoon will lead to higher disposable income in the hands of farmers, which in-turn will boost the rural consumption. To add to this, a normal monsoon will also help to keep the inflation at low levels. The possibility of a good monsoon would also increase the chances of the country's central bank retaining its easy money policy. However, there have been many instances in the past wherein the forecasts have gone wrong. Provided, they are accurate it will help to revive the rural sentiments.

In another news update, Tata Steel agreement to sell one of its main steelwork to investment firm Greybull Capital Llp. This is expected to reduce the company's large debt just marginally.

Reportedly, the deal did not include a transfer of debt associated with the division which is estimated to be in the range of Rs 120-150 billion. As of September 2015, Tata Steel had a consolidated debt of Rs 717 billion-most of it associated with the global operations.

However, the company will not be under immediate repayment pressure as a majority of the debt has been restructured. Restructuring has led to a stretch in the repayment period. As reported in Livemint, the refinancing ensures that there is no repayment of principal due from Tata Steel UK Holdings Ltd until 2019. Tata Steel is trading up by 1.4%.

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