A hydraulic tensioning system is associated with a wire rope feed system of a drilling rig for applying tension to the hoist and pulldown ropes during hoist and pulldown operations. The hydraulic tensioning system includes a hydraulic tensioning circuit with a hoist hydraulic circuit directing hydraulic fluid to a hoist actuator applying tension to the hoist wire rope and a pulldown hydraulic circuit directing hydraulic fluid to a pulldown hydraulic actuator applying tension to a pulldown wire rope. A hydraulic control valve can selectively direct flow to the hoist and pulldown hydraulic circuits.