Among Nifty stocks, PowerGrid, HUL, Titan, ICICI Bank and Bharti Airtel rose between 1.5% and 3%
- Expectation of normal monsoon and a shift in government spending towards rural areas bodes well, Goldman Sachs said in a note, maintaining its FY19 real GDP growth forecast at 7.6 per cent.
- Another normal monsoon and the government's focus on rural development implies that rural income levels could rise faster in FY19, global brokerage CLSA said in a note, adding that one of the key beneficiaries of this would be Mahindra and Mahindra Ltd.
- Shares of M&M rose over 1 per cent on Tuesday.
- "There's some secular buying taking place in the markets. Consumption theme, including retail and FMCG, are playing out very well after monsoon forecast," said Krish Subramanyam, co-head and equity adviser at Altamount Capital.
- Among the Nifty50 stocks, PowerGrid, HUL, Titan, ICICI Bank and Bharti Airtel rose between 1.5 per cent and 3 per cent.
- Shares of Nestle India, maker of Maggi instant noodles and Kit-Kat chocolates, rose nearly 3 per cent after brokerages Goldman Sachs and CLSA raised their target prices.
- IT major Infosys fell 0.70 per cent, extending its 3 per cent loss suffered on Monday. The IT major had cut its operating margin forecast for FY19, leading to selling pressure in the stock.
- Axis Bank, Wipro and Sun Pharma were among other major loses in the Nifty50 pack.
- The rupee weakened to a seven-month low of 65.68 against the dollar.
- In global markets, European equities were mostly higher while Asian equities had ended mixed. China's economy grew at a slightly faster-than-expected pace of 6.8 per cent in the first quarter, buoyed by strong consumer demand, healthy exports and robust property investment.
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