The Indian share market is on fire fuelled by banks and Pharma stocks. The Sensex is up 300.50 points or 1 percent at 28005.85 and the Nifty is up 77.80 points or 0.9 percent at 8499.60. About 1502 shares have advanced, 776 shares declined, and 130 shares are unchanged. Dr Reddy's Labs, M&M, Lupin, Hero and Coal India are top gainers in the Sensex. Among the losers are Reliance, HUL, BHEL and Infosys.
The Indian Share market looks happy and bright beginning August F&O series on a positive note. The market remained strong on the first day of August series, rising 1 percent by banking & financials, auto and Pharma stocks. The broader markets also traded in line with benchmarks. The BSE Midcap index rallied 1.3 percent and Smallcap gained 0.9 percent.
Gold slipped to near 5-5.5 year lows and was on course for a sixth straight weekly fall, its longest retreat since 1999, after upbeat US economic data strengthened expectations for a near-term hike in interest rates. Bullion was also set to end July with its biggest monthly decline in more than two years after a deep rout last week further shook investor confidence, with more losses seen ahead.