Institutional-buying pushes up Sensex
Mumbai--The Sensex closed with a 52 point rise on the Bombay Stock Exchange (BSE) today on sustained purchases by foreign institutional investors (FIIs) coupled with buying by domestic financial institutions (FIs).
Traders were busy squaring up commitments at the last session not only of the current account, but of the traditional carry-forward system.
Though the Sensex opened at 3406.79 it gradually moved upwards to the intra-day high of 3474.71 before ending at 3456.78 as against yesterday's close of 3404.86, showing a net gain of 51.92 points or 1.52 per cent.
The BSE benchmark index would have been higher, had operators and speculators not resorted to heavy liquidation in a last ditch attempt to wind up long positions made after May 14.

FIIs and FIs were reportedly heavy buyers in Infosys, HLL, BHEL, RIL and a few others that, in turn, aided the Sensex to stage a smart recovery.
In the specified group, 84 including 19 index-based counters registered sharp to moderate gains while 86 others finished with losses.
The BSE-200 index and the Dollex were quoted moderately up at 357.28 and 126.45 compared with previous close of 353.83 and 125.31, respectively. The BSE-500 index improved by 10.09 points to 1050.43 from yesterday's close of 1040.34.
Digital Equipment topped the list of highest traded shares with a turnover of Rs 129.89 crore followed by Infosys (Rs 123.41 crore), Wipro (Rs 106.34 crore), Satyam Computer (Rs 88.94 crore) and Global Tele (Rs 50.72 crore).
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US stocks up on investor buoyancy
New York--US Stocks traded higher on Friday as investors maintained cheerfulness about the economy and applauded a federal court victory for Microsoft.
With six interest rate cuts this year - the latest delivered Wednesday -- investors believe business could indeed turn around in the second half of 2001.
The Dow Jones industrial average rose 25.70 to 10,591.91 in mid-day trading.
The Nasdaq composite index advanced 32.53 to 2,157.99, while the Standard & Poor's 500 index moved up 7.19 to 1,233.39.
Though technology stocks continued to benefit by Microsoft’s victory, the software maker retreated slightly from its gains of Thursday, when a federal appeals court reversed a lower court ruling ordering the breakup of the company. The stock slipped 67 cents to $72.07.
Tech gainers included the Dow's three other tech components. IBM rose 96 cents to $116.06, Intel advanced $1 to $30.64, and Hewlett-Packard moved up 54 cents to $27.79.
But the Dow's gain was limited partly by Honeywell, down $2.28 at $35.92, which on Friday proposed reducing the price of GE's takeover offer from $41.7 billion to $39.5 billion to win the necessary approval from the European Union. GE, also a Dow stock, rose 64 cents to $49.51.
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