Sensex stretches gaining streak

MUMBAI: The stock markets maintained the bullish tempo and the Sensex added another 202 points to its kitty, as the rally stretched to the third day in a row largely on hectic short covering by foreign funds and operators. The volatility was attributed to the expiry of the derivatives contract on July 27.

The Bombay Stock Exchange 30-share sensitive index (Sensex) recovered from the early low of 10362.61 and surged to close at 10617.27 against Tuesday's close of 10415.61, a net rise of 201.66 points or 1.94 per cent. The Sensex has gained 531.36 points or 5.27 per cent in three trading sessions since July 24.

On the National Stock Exchange, the S&P CNX Nifty shot up by 69.65 points or 2.29 per cent to 3110.15.

Foreign institutional investors were engaged in covering short positions in the Futures & Options (F&O) segment. Local funds too were believed to be buyers in blue chip counters. The FIIs pumped in Rs. 1,905 crore in the F&O segment on July 24 and 25 while making purchases of Rs. 124.9 crore in the Cash segment, including provisional figure of Rs. 93.40 crore on Tuesday.

Bharti Airtel, ONGC, M&M and Bank of India released excellent Q1 results during the day.

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