MUMBAI:
A semblance of stability returned to the equity market, which soared by a whopping 240 points on Wednesday, extending gains to the third straight day on the back of hectic short-covering by foreign funds.
Foreign Institutional Investors were believed to be heavy buyers in the futures and options.
After initial hesitancy, the Sensex later rallied smartly after mid-session and touched a high of 12964.94 before ending at 12945.88, a net rise of 239.94 points or 1.89 per cent over Tuesday's close of 12705.94.
The Sensex gained 515.48 points or 4.15 per cent in three days after logging a loss of about 455 points or 3.5 per cent during last week.
The S&P CNX Nifty also spurted by 66.95 points or 1.81 per cent to close at 3764.55 from 3697.60.
FIIs, which pulled out huge funds during last week following worldwide turmoil, were forced to cover short positions in derivatives for technical reasons, according to market players.
— PTI
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