The southwest monsoon accounts for 70 per cent of India's annual rainfall and is crucial for the agricultural sector of the economy. The primary sector has been valued at Rs 18 lakh crore or 11 per cent of India's GDP in 2016.

At 1:00 pm, the Sensex was trading 128 points higher at 38,015 level. Meanwhile, the Nifty was trading 18 points higher at 11,468 level. It hit all-time high of 11,495 level in early trade. While the Sensex has gained 11.67% since the beginning of this year, Nifty rose 9% during the same period this year.

While the Sensex closed 221 points higher at 37,887, the Nifty gained 60 points to close at the 11,450 level. Market heavyweight Reliance Industries added 35 points to close at 1217.

Delhi has been facing scorching heat for the past one week with maximum temperature hitting 45 degrees Celsius, the highest of this season.   

Due to the heavy outpour, trains on the suburban section of the Central Railway were running late by 10-12 minutes. Several parts of Mumbai were waterlogged after rain lashed the city.

The southwest monsoon contributes to around 70 per cent of the country's rainfall, and is considered to be a bloodline for the country's $2.5 trillion economy.

A late-season surge in monsoon rain may help rabi crops, but the real impact on farmers will depend on remunerative pricing.

The Reserve Bank of India released their Annual Report for the financial year 2016-17 today.

The government needs to take steps to reduce problems faced by farmers.

Prime Minister Narendra Modi has just visited Assam to take stock of the flood situation in the north eastern states. A few days ago, he made a similar visit to his home state, Gujarat, where heavy and incessant rainfall had created havoc for agriculture.

After several years of dry spell, India is finally enjoying a monsoon bounty this season.

The monsoon delivers about 70 percent of India's annual rainfall, critical for the farm sector that accounts for about 15 percent of India's $2 trillion economy and employs more than half of the country's 1.3 billion people.

Andaman and Nicobar, islands off India's eastern coast that are usually the first areas to receive the monsoon rains, received rainfall six days ahead of schedule earlier this month.

India Meteorological Department (IMD), the country's official weather forecaster, has predicted that monsoon will reach Kerala on May 30, two days before the schedule.