Bulls back on the Street

Biggest expiry day rally in 20 months; Sensex at record high

Indian equities staged a smart rally in the last two hours of trade on Thursday, the day of expiry of the May series of derivatives contracts, with the benchmark Sensex closing at a new high.

The Sensex gained about 250 points in the last two hours as traders resorted to large-scale short covering and positive news of a benign crude oil price outlook and the US Federal Reserve's likely delay in raising interest rates came in, said brokers. 

The Sensex went up by 448.4 points, or 1.5 per cent, to close at 30,750, while the Nifty closed at 9,509, up 149 points