Mumbai: Share prices resumed remarkably higher and were trapped in a narrow range with upward bias at opening session on the stock exchange today (May 5, 2004) on sustained buying by local funds and operators.

Buying was seen in index-based counter like RIL, Infosys Tech, Grasim, L&T, Tisco, ONGC, ACC, Satyam Computer, Tisco, Tata Power, Tata Motor, HPCL and Ciipla, showing marked to moderate rise at the opening.

The BSE-30 share sensitive index opened firm at 5665.67 as against yesterday's (may 4, 2004) close of 5647.15 and moved in a tight range between 5678.64 and 5648.64 before being quoted at 5672.08 at 10.30 hrs (IST).

Banking shares continued to be in high demand for the second successive day and were quoted remarkably higher on good buying support, as most of these where were beaten down due to the RBI circular that stopped them from deluging a dividend prior to conforming to new capital adequacy rules.

And most of the banks, from where the traders expect dividends, has brought down their NPAs below three per cent and hence could not need prior approval from apex bank to pay dividend.

However, MIRC ELE, Union Bank, PNB, Ranbaxy and Bombay Dyeing showed modest falls.