Mumbai: The sensex opened marginally higher and later moved erratically in narrow range during the morning trading on the Stock Exchange today (Jul 12, 2004) on alternate bouts of small buying and selling.

The BSE Benchmark 30-share Index opened up at 4949.42 as against last Friday's (Jul 9, 2004) close of 4945.48 and later moved in a range of 4967.92 and 4917.38 before being quoted at 4941.00 at 10.30 hrs (IST).

The volume was extremely low during the first one hour in view of dull activity. Brokers said speculators and traders preferred to lighten their commitments in view of the Budget proposal to impose 0.15 per cent transaction tax to be levied on buyers.

Retail investors, traders and arbitragers have opposed the proposal to impose turnover tax on securities on the ground that it will freeze the liquidity in the market, brokers added.

Key stocks like Tisco, Satyam Computers, ONGC, HPCL and Bajaj Auto were quoted moderately higher. However, Bharti Tele, HDFC, ITC, Ranbaxy, RIL and SBI showed marked falls.