Mumbai: Led by IT bellwether Infosys Tech, equities bounced back and lifted the SENSEX by 49 points at close at the Bombay Stock Exchange (BSE) on May 28 on hectic short-covering coupled with fresh purchases by foreign as well as domestic funds.

While speculators covered their short positions ahead of end of account in derivatives, institutional investors reportedly made fairly heavy purchases in Bank and PSU (Public Sector Undertaking) stocks besides some heavyweight old economy shares.

The BSE Benchmark 30-share Index opened remarkably up at 3093.72 and gradually moved upwards to the intra-day high at 3133.17 before ending at 3130.46 from yesterday's close of 3081.94, netting a rise of 48.52 points or 1.57 per cent.

The broad-based BSE-100 Index shot up by 16.87 points to 1598.52 from previous close of 1581.65.

A sharp turnaround in New York stocks on May 27 boosted the sentiment. The Nasdaq Composite Index and the Dow Jones Industrial Average of May 27 ended sharply higher by 46.60 points and 179.97 points respectively.

Operators which had heavily unloaded stocks of IT majors Infosys Tech, Satyam Computers and Wipro due to appreciating Rupee to the Dollar during the past couple of weeks, attempted to square up positions, brokers said.

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

PTI