Mumbai: The Sensex opened on a promising note and later moved erratically in a range of about 38 points during morning trading at the Bombay Stock Exchange (BSE) today (Aug 10, 2004) on alternate bouts of buying and selling.

The BSE benchmark 30-share index opened moderately up at 5248.46 as against yesterday's close of 5233.21 and later fluctuated between 5253.57 and 5214.99 before being quoted at 5232.47 at 10.30 a.m.

Attributing the firmness at early stages to reduction in EPF (Employees Provident Fund) interest rate to 8.5 per cent, market players said investors seemed to be hesitant in view of negative FII (Foreign Institutional Investors) activity and continued weak trend on Wall Street.

FIIs reported net sales of Rs 28 crore on Friday while the Dow Jones Industrial Average and the Nasdaq Composite Index dipped to 2004 lows.

The market is expected to meet with some resistance during the day in the light of rising crude oil prices that hit all-time high of $ 44.97 a barrel yesterday.

The RBI decision to place restrictions on South Indian Cooperative Bank on granting fresh loans and renewal of advances, besides fixing a ceiling of Rs 1,000 on withdrawals from savings or current account also had a sentimental impact on the market.

Tisco, MUL, Dr Reddy's, Grasim, HPCL, MTNL, Ranbaxy and Zee Telefilms were quoted moderately higher.

However, HDFC, Hero Honda, Hindalco, ICICI Bank, Infosys Tech, ITC, REL and Wipro showed marked falls.