Equity benchmarks remained rangebound in morning trade while the broader markets marginally outperformed amid weak global cues. Uncertainty over central banks' moves spurred jitters.
10:20 am Monsoon: The Southwest Monsoon could start withdrawing in the next 3-4 days, the India Meteorological Department (IMD) today said even as the overall rainfall deficiency increased to 5 percent.
"Conditions are becoming favourable for withdrawal of Southwest monsoon from some parts of West Rajasthan during next 3-4 days," the IMD said.
The normal withdrawal of monsoon from West Rajasthan is September 1. Interestingly, it is also the frontiers where monsoon reaches last and withdraws first.
Cessation of rainfall activity over the area for continuous 5 days, establishment of anticyclone in the lower troposphere and considerable reduction in moisture content are three major factor that determine the withdrawal of the seasonal rainfall.
Meanwhile, the overall monsoon deficiency has reached to around 5 percent. From June 1 to September 13, the country as a whole has recorded 759.9 mm of rainfall as against 802 mm of precipitation, which is the normal level.
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10:00 am Market Check
Equity benchmarks remained rangebound in morning trade while the broader markets marginally outperformed amid weak global cues.
The 30-share BSE Sensex was down 48.11 points at 28305.43 and the 50-share NSE Nifty fell 13.60 points to 8702. The market breadth was positive as about two shares advanced for every share falling on the Bombay Stock Exchange.
ICICI Bank, Asian Paints, SBI, Reliance Industries, Adani Ports, NTPC and Maruti were gainers whereas TCS, HDFC, HDFC Bank, Tata Motors, ITC, Tata Steel, and ONGC were under pressure.
Global markets were lower as uncertainty over central banks' moves spurred jitters.
'Favouring the doves', the poor US economic data does not make for a good case for the US Fed raising benchmark rates in September, said Geoff Lewis of Manulife Asset Management.
He said the Federal Reserve will not raise rates until December. However, he believes there is a major chance of the US Fed hiking the rate in 2017.