Mumbai: Oil and Natural Gas Corporation (ONGC) dropped sharply on fairly heavy selling, even as the Sensex opened moderately up and later moved irregularly during morning trading on Bombay Stock Exchange (BSE) today (Mar 29, 2004).

Brokers said retailers were seen booking profits in ONGC as a result of flow of new shares through recent public offer of the part of Government stake.

IT counters also witnessed selling pressure in the light of weak Dollar and reports that the outsourcing business of Indian companies will be affected due to the US elections to be held in November 2004.

Banking stocks continued to be in limelight and were quoted remarkably up on fresh buying support.

The BSE benchmark 30-share index opened higher at 5,538.52 as against last Friday's (Mar 26, 2004) close of 5,528.94 and later firmed up further to a high at 5,554.90 before being quoted at 5,518.43 at 10.30 hrs (IST).

Key counters like RIL, ITC, Tata Power, REL, SBI, ITC, HPCL, Hindalco, Hero Honda, Grasim, BHEL, Bharti Televenture and Cipla were quoted substantially higher.

Among the top gainers, Allahabad Bank were up by 5.47 per cent, Andhra Bank by 5.26 per cent, BEML by 4.80 per cent, Alok Textiles by 4.06 per cent, ICICI Bank by 3.25 per cent, Ashok Leyland by 2.63 per cent, BEL by 2.20 per cent, Arvind Mill by 1.93 per cent and Tata Power by 1.87 per cent.

However, ONGC, L&T, Satyam Computers, Infosys Tech, Tisco HDFC Bank and Tata Motors were prominent losers.