Farm sector stocks up over 10% on hopes of good monsoon

The shares of fertiliser, irrigation systems and agri machinery manufacturers were in the limelight on Tuesday, rising as much as 10.6%, after the government said monsoon this year is expected to be normal. Jain Irrigation Systems soared 8.23% on NSE. 

The scrip of Escorts zoomed 10.61% and VST Tillers Tractors rallied 7%. 

Shares of Chambal Fertilisers and Chemicals surged 5.19%, Kaveri Seed Company gained 4.96%, Rashtriya Chemicals and Fertilizers (4.42%), Deepak Fertilisers and Petrochemicals (4.1%) and National Fertilizers (4%). 

"El Nino condition is declining. It is expected that La Nina condition will takeover, and will perhaps favour a good monsoon this year," Agriculture Secretary Shobhana K Patnaik said on Monday addressing a national conference to launch kharif campaign for 2016-17. 

Even Skymet, the country's private weather forecaster said that the country could expect a normal monsoon this year.

Met Department's predictions will be out later this month, giving a clear picture of monsoon, he added.