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Buyback talk pushes Sensex up 20 points; 2784.46

Equities at the Bombay Stock Exchange staged a modest recovery today, buoyed by reports that the government would soon allow buyback of shares and on Finance Minister Yashwant Sinha's assertion that Standard and Poor's downgrade will have no effect on the economy.

The BSE-30 Sensitive Index opened at 2757.04 points , saw a high of 2798.88 and a low of 2741.22 and ended at 2784.46 as against the previous close of 2764.16 points, showing a net rise of 20.30 points.

According to brokers, there was short-covering by operators on the last day of the current trading cycle. Foreign institutional investors sold shares of ITC, Hindalco and Hindustan Lever Limited.

''Buying support by domestic institutions in index scrips resisted a fall in the market'', said a broker.

Local institutions evinced buying interest in software stocks like Infosys Technologies, NIIT and Satyam Computers. The BSE-100 index gained 11.39 points, ending at 1246, BSE-200 by 1.97 points closing at 290.50 and Dollex index by 0.81 points at 114.37.

UNI