Mumbai: The sensex opened moderately lower and later witnessed narrow movements in line with lacklustre activity during morning trading on the Stock Exchange in Mumbai today (Aug 13, 2004) as the prevailing high international crude oil prices and inflation rate continued to dog the market.

The BSE Benchmark 30-share Index opened down at 5126.91 as against yesterday's (Aug 12, 2004) close of 5139.77 and later fluctuated in a small range of 5144.70 and 5116.37 before being quoted at 5134.44 at 10.30 hrs (IST), down by 5.33 points.

Operators and retail investors remained cautious on fears that the Government might start controlling commodity prices in a bid to tackle inflation which touched a three-and-a-half year high of 7.51 per cent during the week.

Oil prices yesterday (Aug 12, 2004) hit fresh record high with the US light crude rising to $ 45.50 a barrel.

Foreign Institutional Investors (FIIs) too reported net sales of Rs 74 crore on Wednesday (Aug 11, 2004).

Meanwhile, Bharti Tele-Venture witnessed a block deal of 6.2 crore shares at the market rate of Rs 155 per share.

Blue chip counters like Tata Motors, Ranbaxy, ITC, ICICI Bank, HLL, Hero Honda, HDFC Bank, HDFC, Dr Reddy's Lab, BHEL, Bharti Tele and Bajaj Auto were quoted moderately lower.

However, Tisco, RIL, ONGC, HPCL and Hindalco showed minor gains on fresh buying support.