Our Bureau

Mumbai, July 26

Markets continued their upward trend for the third consecutive day on good corporate results by ONGC and Bharti Airtel.

The BSE-30 Sensex gained 1.94 per cent to end at 10,617.27, up by 201.66 points. All indices ended in green with BSE FMCG being the biggest gainer at 1,906.05 points, up by 2.67 per cent.

The markets followed the upward trend throughout the day after a first session jolt, dealers said.

NSE's S&P CNX Nifty index ended at 3,110.15 points, up by 2.29 per cent. The shares of ONGC rose 4.08 per cent to Rs 1,138.25 after the company announced a 1:2 bonus issue on positive first quarter results.

Other major gainers in the day included Ranbaxy Laboratories (up by 4.24 cent at Rs 371.45), Tata Motors (up by 3.87 per cent at Rs 728.80) and Bharti Airtel (up by 3.68 per cent at Rs 382.90).

"Investors are squaring up their short positions ahead of the results in the futures market and as a result, the markets witnessed buying," said a dealer with Angel Broking.

Volumes were fairly decent with stocks worth Rs 2,455.30 crore being traded on the BSE.

The top losers were Hero Honda Motors (down by 1.14 per cent at Rs 703.30) and ICICI Bank (down by 0.16 per cent at Rs 540.25) ending its two-day gains.

The overall market breadth was positive with stocks of 1,686 companies ending in green, while 705 stocks ending in red.

FIIs were net buyers for Rs 61.03 crore, according to provisional figures on the NSE.

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(This article was published in the Business Line print edition dated July 27, 2006)
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