Mumbai: The sensex fluctuated erratically after opening steady and was quoted up by seven points at 10.30 hrs (IST) on the Stock Exchange today (Jun 21, 2004) on alternate bouts of buying and selling by retailers and operators.

The BSE Benchmark 30-share Index opened steady at 4770.65 as against last Friday's (Jun 18, 2004) close of 4769.99 and later moved irregularly in a range of 4790.93 and 4757.03 before being quoted at 4776.62 at 10.30 hrs (IST), a net gain of 6.63 points.

The market is expected to remain volatile ahead of the expiry of June Contract in derivatives with operators covering short positions at lower levels while booking profits at higher price levels, brokers said.

Retailers and operators were in no mood to carry forward positions in view of forthcoming Union Budget, which is to be presented in the Parliament on July 8.

Investors seemed to be awaiting the Budget, which is expected to spell out the UPA (United Progressive Alliance) Government's agenda on reforms and economic policies, brokers added.

Blue chip counters like Tata Motors, Tisco, ONGC, Satyam Computers, Infosys Tech, HPCL, Hero Honda, HDFC, Grasim, BHEL and ACC were quoted moderately higher on buying support.

However, Dr Reddy's Lab, SBI, ITC, Ranbaxy and ICICI Bank showed marked falls on profit booking.

However, EIH, BoB, Canara Bank, Jindal Strip, Aventis and Orchid Chem showed moderate losses.