Sensex ends at a high of 7635.42

Overcoming initial blips, the sensex today continued its upward march and spurted past 7700 level before ending at yet another high of 7635.42 on hectic shortcovering by operators on the last day of July contract in derivatives.

The sensex has created a record of sorts by climbing to new peaks for the five straight trading sessions. It gained by 331 points or 4.53 per cent in the same period.

The Futures contract was extented till today following closure of markets in view of the unscheduled consecutive banking holiday and difficulties in moving funds across banks for accumulated settlements on July 27 and 28.

After dipping sharply to 7545.79 during morning trading, the benchmark 30-share index bounced back and even touched a new intra-trade high of 7708.59 before ending the day at 7635.42 as against Wednesday's close of 7605.03, a net rise of 30.39 points or 0.40 per cent.

Operators, which were unable to cover short positions before Thursday due to adverse situation caused by heavy rains in the metropolis, resorted to shortcovering in a bid to square up positions, brokers said adding "late profit booking, however, corrected the index downwards."

Foreign Institutional Investors (FIIs), mainly Japanese funds, reportedly were buyers in select blue chip counters. FIIs have been net buyers for more than last two months.

Brokers attributed the initial panic to Wednesday's major fire in the ONGC's oil platform that will adversely affect the crude production in the country's prime oil field.