Reliance Power gains; short positions pared

Reuters Market Eye - Shares in Reliance Power Ltd gain 2.9 percent after investors sharply pared short positions in July futures, dealers say.

Reliance Power's July futures saw a reduction of 380,000 shares in outstanding positions as of 0446 GMT.

Dealers add the sentiment is also improving for other companies controlled by billionaire Anil Ambani group stocks, given the recent efforts for debt reduction and deals in Reliance Communications Ltd .

Reliance Comm shares fall 1.7 percent on profit taking after touching 2-1/2 year high on Monday.

(Reporting by Abhishek Vishnoi)