Mumbai: The SENSEX opened on a strong note and rallied further before stabilising at around 3,140 level at early stages on the Bombay Stock Exchange (BSE) on July 25 on hectic buying prompted by a dramatic rebound on Wall Street on July 24 night.

Operators and retail investors which had been unloading in the past several days, made fairly heavy commitments at the initial stages in response to a strong rally in New York stocks. The Dow Jones Industrial Average recovered by about 489 points and the NASDAQ Composite Index ended up by 61.18 points on July 24.

Market sources said punters, however, seemed to be still cautious and nervous, and pressed sales alternatively at higher levels.

The BSE Sensitive Index opened sharply up at 3,149.18 as against the July 24 close of 3,107.48 and later rallied further to a high of 3,169.96 before being quoted at 3,144.32 at 1030 hours (IST).

Domestic investors were believed to be encouraged by heavy net investments of Rs 230 crore on July 23 after making net sales of Rs 70 crore on July 22.

PTI