Morning Alert.. *India likely to get normal monsoon this year: | Equity99

Morning Alert..
*India likely to get normal monsoon this year: Private forecaster Skymet*
India is likely to experience a normal southwest monsoon in 2024, according to Skymet, a private weather-forecasting agency. This prediction offers a glimmer of hope in the ongoing battle against inflation. Monsoon rainfall between June and September is expected to be 102 per cent of the long-period average (LPA) of approximately 87 centimetres, with a model error of +/- 5 per cent, the weather forecaster said. Nationwide, cumulative monsoon rainfall between 96 and 104 per cent of the LPA is deemed “normal”. Skymet’s forecast anticipates sufficient rainfall in south, west, and northwest India. The core monsoon rainfed zones of Maharashtra and Madhya Pradesh are also expected to receive ample rainfall. The eastern states of Bihar, Jharkhand, Odisha, and West Bengal may experience a rainfall deficit during the peak monsoon months of July and August. Northeast India is likely to see less than normal rainfall during the first half of the season. The state-run India Meteorological Department (IMD) is slated to release its initial forecast for the 2024 southwest monsoon in the coming weeks. A good and normal monsoon should significantly contribute to curbing inflation and restoring growth in the agricultural sector, which is projected to have dipped to multi-year lows in 2023-24 due to a weak monsoon.

*Global market action*
Dow Jones – Up by 0.13% or 51.07 points
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CAC – Down by 0.86% or 70.13 points
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*FII/DII activities*
FII – Sold 593.20 Cr worth of shares
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Five-Star Business Finance Ltd – 95%
Route Mobile Ltd – 93.7%
3M India Ltd – 89.7%
BlueDart Express Ltd – 88.6%
JB Chemicals & Pharmaceuticals Ltd – 88.1%

*Commodities updates*
Gold – Rs 73900/10gm, Silver – Rs 82425/kg, Brcrude – Rs 7098/barrel, Copper – Rs 818.25/kg.

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