Mumbai: The Sensex opened moderately higher and later showed narrow movements in a small range of about 18 points during morning trading on the Stock exchange today (Jul 29, 2004) on small buying and selling at the concluding session of July contract in derivatives.

However, IDBI Bank scrip was stuck at 20 per cent upper limit of the circuit breaker even as IDBI this morning decided to merge IDBI Bank with the financial institution.

The BSE Benchmark 30-share Index opened higher at 5082.61 as against yesterday's (Jul 28, 20040 close of 5070.29 and later fluctuated in a range of 5087.93 and 5070.88 before being quoted at 5073.21 at 10.30 hrs (IST).

Commenting on the merger decision, market players said that the merger is in the interest of both the bank and financial institution as it would help strengthen activities of IDBI.

IDBI Bank was stuck at 20 per cent upper limit of the circuit filter at Rs 50.55 while IDBI were quoted at 69.50, up by 10.21 per cent at 10.30 hrs (IST).

Investors expected volatility in the market in the light of the last day of expiry of July Contract in the Futures and Options (F&O) segment as operators will square up positions during the session.

Blue chips like RIL, SBI, Tisco, Satyam Computers, ONGC, Infosys Tech, HPCL, Grasim, GACL and BHEL were quoted higher on fresh buying support.