Friday, March 18 2005 11:02 Hrs (IST) - World Time -

Mumbai: After a cautious start, the stock market today (Mar 18, 2005) witnessed volatile activity with the Sensex moving either-way in a range of over 42 points during morning trading as operators covered short positions at the weekend amid negative activity by foreign funds.

The BSE Benchmark 30-share Index opened moderately down at 6664.65 as against yesterday's close of 6669.52 and later moved erratically in a range of 6700.40 and 6657.90 before being quoted at 6661.44 at 10.30 AM, down by 3.21 points.

Despite crude oil prices ruling at the record high levels and negative FIIs activity, operators reportedly made buying in select blue chip counters in a bid to cover short positions at the last trading session of the week, brokers said.

International crude prices cooled off slightly on the New York Mercantile Exchange in Asian trade as the market took profits from the overnight record high of more than $ 57 a barrel. Light sweet crude for April delivery was quoted at $ 56.25 a barrel at midmorning in Asia.

Foreign Institutional Investors (FIIs) reported net sales of Rs 198.70 crore for Wednesday, taking the total withdrawal to Rs 244.80 crore on March 15 and 16.

Brokers expected the market to recover partially as local investors are likely to cover short positions during the day.