The news will augur well for the country as large parts have been witnessing agriculture distress and water levels in reservoirs in west and south India have dipped to low levels.
Incessant rains since the wee hours of Friday threw normal life out of gear in Mumbai
On Sunday, too, a drizzle resulted in an increase in humidity, triggering a massive pollution spike.
Monsoon is likely to be 96 per cent of the long period average
June 1 is the official onset date of monsoon in India when it hits Kerala.
'The last time we had such a late withdrawal of monsoon was in 1960 or so.'
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
For potato farmers in the north and wheat growers in the eastern parts -- particularly in Jharkhand, Bihar, and Odisha -- the recent rains could in fact be beneficial.
Gold prices this year are higher than last year, and the goods and services tax is an additional burden for consumers
'Expect very heavy rainfall at some places in Uttar Pradesh and Bihar along with sub-Himalayan West Bengal comprising of Alipurduar, Cooch Behar, Darjeeling, Kalimpong, Siliguri, Jalpaiguri, including Sikkim, parts of Arunachal Pradesh, and parts of lower Assam, Rangia downward like Barpeta, Goalpara, Dhubri along with parts of Meghalaya.'
The overall FPI inflows should move into the range of $15-20 billion in fiscal 2017 with equity dominating with $10-15 billion and debt with $5 billion
The IMD came out with a dismaying prediction.
'It could rain about 200 mm in short span of time.'
The markets had touched their highest levels in a month.
Steady progress in June; north and central regions to get good pre-showers
Intense spells of rain are likely to continue in the districts of Thane, Raigad and Mumbai during next four hours, the India Meteorological Department (IMD) said.
Private weather agency Skymet said Mumbai is at 'serious risk of flooding' between July 3 and 5.
The breadth was neutral with 1,329 advances and 1,320 declines.
The national capital battled weather conditions in the "red category" as the maximum temperature recorded at the Palam observatory was 46.1C,
This may rescue pulses, cotton and oilseed sowing; rain revival in the south to take longer
Sowing had started on a sluggish note in several parts of the country because of delay in the onset of the monsoon but has picked up pace subsequently as the rains progressed and performed appreciably well in August.
Weathermen have also predicted heavy to very heavy rainfall in the next 24 hours in the entire Konkan region, including Mumbai.
There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.
Anything between 96-104 per cent of the LPA is considered as normal rainfall while precipitation in the range of 104-110 per cent is termed 'above normal'
A minister said the country had 7% less rain than normal.
Though their intensity has been less so far and the exact impact on the crop is not yet known.
India Meteorological Department has predicted deficient rains.
Mumbai and certain adjoining areas experienced pre-monsoon showers, sources said on Sunday.
With conditions not favouring its progress, southwest monsoon is expected to hit the Kerala coast by June 4, three days after its normal onset date, the MET department has said.
After missing its deadline, the monsoon is likely to hit the national capital and parts of north India by the end of the week, a private forecasting agency said on Monday.
Rain deficiency in eastern and western Uttar Pradesh, Bihar, Jharkhand, Gangetic West Bengal, Assam and Meghalaya is 20-46 per cent less than normal as of June 17.
Though the summer is expected to be hotter, global and domestic forecasts point to good rains.
The death toll due to severe heat wave sweeping Andhra Pradesh has risen to 852 with the scorching weather claiming 202 lives in Prakasam district alone, officials said.
Makers of air conditioners, beverage and ice-cream are hopeful of a boost in sales
There are a few factors that can spoil the party
However, risks to the outlook stems from possible sub-normal monsoon and higher crude oil prices (on account of the crisis in Iraq)," the Economic Survey 2013-14 tabled in Parliament by Finance Minister Arun Jaitley said.
Above normal monsoon forecast and strength in Asian equities lifted sentiments.
Drought fears will subside if the momentum generated is maintained in August.
