BSE

Sensex was up 417 points at 67,016 points. Powergrid led the Sensex gains up by more than 2 per cent.

The Indian Rupee was under some pressure and lost 22 paisa or 0.27 per cent to close at Rs 82.94 to the US Dollar. Dow Jones gained on two of the four trading sessions, losing on the remaining two. It lost 261.12 points or 0.75 per cent to close at 34,837.71 points.

In September, so far, FIIs have sold in the cash market for Rs 8,608 crore and DIIs have bought for Rs 5,715 crore. In spite of this net institutional selling Nifty is up by 434 points for the month so far. This, and the hyperactivity in the mid-and small-cap segments, point to the active participation of retail investors in the rally, he said.

IDBI Bank shares were up 8 per cent at Rs 70.28 on BSE.

Mid-cap IT has been doing well and now large-caps like HCL Tech, Infosys and Wipro have joined the rally. The order pipeline of IT companies is expected to improve on the back of the expected soft landing of the US economy, he said.

BSEMIDCAP gained 2.34 per cent while BSESMALLCAP was up a staggering 3.78 per cent. Markets gained on three of the five trading sessions and lost on one session while they were flat on the 5th session. The only day of loss was on Thursday when August futures expired.

Pantomath Capital is the sole Book Running Lead Manager in Aeroflex Industries IPO.

The declining bond yields in the US has turned the global market construct favourable for equities. But this is unlikely to create a highly favourable environment in the Indian market since the poor monsoon is becoming a major worry, he said.

Among the top Sensex gainers are Jio Financial, Tech Mahindra, Powergird and JSW Steel up over 1 per cent in trade. Bharti Airtel is down by more than 1 per cent.

This weakness has impacted all other markets including the Indian market where Nifty is down by around 2 per cent so far in August, he said.