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Sensex, Nifty close higher as monsoon forecast lifts consumer stocks

17 April, 2018

Indian shares ended higher for a ninth straight session on Tuesday, marking their longest winning streak in over three years, as consumer stocks gained on forecasts of average monsoon this year.

After two years of normal monsoons, the India Meteorological Department on Monday predicted yet another year of normal rains, raising the possibility of higher farm and economic growth in Asia’s third-biggest economy.

The broader NSE Nifty ended 0.19 percent higher at 10,548.70, marking its longest winning streak since late January 2015.

The benchmark BSE Sensex posted its longest winning run since early September 2014, after closing 0.26 percent higher at 34,395.06.

The Nifty FMCG index ended nearly a percent higher, with Kit Kat chocolate maker Nestle IndiaLtd and diversified consumer goods manufacturer Hindustan Unilever Ltd hitting their record highs during the session.

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Sensex, Nifty close higher as monsoon forecast lifts consumer stocks

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