Mumbai: The Sensex opened moderately lower and later witnessed extremely narrow movements in line with lacklustre activity during morning trading on the Stock Exchange, (BSE) today (Jun 22, 2004) in the absence of any worthwhile buying support from investors.

The BSE Benchmark 30-share Index opened down at 4732.95 as against yesterday's (Jun 21, 2004) close of 4738.62 and later fluctuatedin a range of 4738.99 and 4717.78 before being quoted at 4726.60 at 10.30 am, a net fall of 12.02 points.

Retailer investors and operators seemed to have adopted wait-and-watch policy, preferring to square up positions ahead of the expiry of June Contract in derivatives on June 24.

Brokers said investors are also keen to know the agenda of the UPA (United Progressive Alliance) Government on reforms and economic policies and are unlikely to make any fresh commitments before the Budget was presented in the Parliament on July eight.

Index-based counters like Tata Motors, Zee Telefilms, ONGC, Infosys Tech, HPCL, Hero Honda, HDFC Bank, HDFC, GACL, Dr Reddy's Lab and BHEL were quoted moderately lower due to selling pressure.

However, SBI, Satyam Computers, RIL, Ranbaxy, MTNL, MUL and Bharti Tele-Venture showed modest gains.

While IDBI Bank, VSNL, HMT, MTNL and Ramco Systems were quoted remarkably up.