The S&P BSE Sensex rallied over 200 points in morning trade to hit a fresh record high of 30,197.66 after media reports suggested that India could be looking at higher monsoon rains than forecast.
Monsoon remains a key risk for Indian market because it delivers about 70 percent of India's annual rainfall, critical for crops such as rice, cane, corn, cotton and soybeans.
India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, Reuters reported quoting the chief of the weather office said on Tuesday, raising prospects of higher farm and economic growth.
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