Market buzz has it that Alliance Capital is conducting sustained buying in order to consolidate net asset value ahead of the financial year-end.

And that drive is pushing up stocks present in the fund's portfolio like Hinduja TMT (up 7.34% to Rs 186.35), Digital GlobalSoft (up 1.12% to Rs 656.20), Bhel (up 2.77% to Rs 224.80), Bank of India (up 3.12% to Rs 36.30), Mastek (up 4.15% to Rs 559.50), Container Corporation (up 2.23% to Rs 224.90), United Phosphorus (up 3.28% to Rs 137), Kingfisher Properties (up 3.72% to Rs 16.75), UB Beers (up 1.39% to Rs 73), Punjab National Bank (up 1.43% to Rs 99.60), ITC (up 0.98% to Rs 620.70), Kotak Mahindra Bank (up 1.98% to Rs 167.35), HDFC Bank (up 0.73% to Rs 235), ETC Networks (up 6.56% to Rs 38.20), e-Serve (up 1.24% to Rs 468) and Bharti Tele-Ventures (up 1.42% to Rs 28.65) .

Relatively high volumes were witnessed in all these stocks.

Funds usually make huge purchases towards the year-end for propping up NAVs.

Meanwhile, the market trends firm, with the BSE at 3,150.14, up 9.72 points, at 13:35 IST.

However, despite the firmness, dealers are refusing to take a call on the market following the ongoing US-Iraq war. And they contend that the rise today is sheerly because stocks are being acquired at lower levels. The truth is that the market is epitomising a traders' market. In any case, the developments on the war front may set the market trend in the coming sessions and stocks may even gain after their recent fall. But if some major negative development on the war front takes place, domestic bourses could slip into the red.

Earlier, as per reports, troops of the US-led coalition met with stiff resistance from Iraqi armed forces in their march towards Baghdad. This could signal a long war.

The BSE Sensex lost 78.31 points or 2.43% in the last two sessions to 3,140.42 on 25 March 2003

from 3,218.73 on 22 March 2003. In the four prior sessions, between 17 and 22 March 2003, the BSE Sensex had risen 4.33% or 133.82 points to 3,218.73 from 3,084.91 on hopes that the US-Iraq war may be short and non-disruptive.