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Sensex up 49 points

MUMBAI MAY 28. Led by IT bellwether Infosys Technologies, equities bounced back and lifted the Sensex by 49 points at close on the Bombay Stock Exchange here today on hectic shortcovering coupled with fresh purchases by foreign as well as domestic funds.

While speculators covered their short positions ahead of end of account in derivatives on Thursday, institutional investors reportedly made fairly heavy purchases in bank and PSE stocks besides some heavyweight old economy shares.

The BSE 30-share index opened up at 3093.72 and gradually moved upwards to the intra-day high of 3133.17 before ending at 3130.46 against yesterday's close of 3081.94, netting a rise of 48.52 points.

A sharp turnaround in New York stocks yesterday boosted sentiment. The Nasdaq Composite Index and the Dow Jones Industrial Average ended sharply higher by 46.60 points and 179.97 points respectively.

Besides IT stocks, old economy blue chips such as Tisco, SBI, HLL, RIL, L&T, Dr. Reddy's, Cipla and BHEL recorded handsome gains. — PTI

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