Monday, October 17 2005 11:11 Hrs (IST) - World Time -

Mumbai: The Bombay Stock Exchange Benchmark 30-share Index (sensex) today (Oct 17, 2005) fluctuated erratically in a volatile trade during morning trading on hectic short covering alternated by profit booking by day traders.

The sensex opened remarkably higher at 8230.47 as against Friday's close of 8201.73 and later moved in a range of 8254.80 and 8175.72 before being quoted at 8193.17 at 10.30 am, down by 8.65 points over previous close.

Brokers expected a partial recovery during the day as operators are expected to cover their short positions at the prevailing lower price levels.

However, they did not rule out any fresh setback in the absence of fresh buying interest from operators and retailers despite announcement of encouraging corporate earnings so far.

Day traders seemed to have turned active in the absence of institutional investors and were seen booking profits in the volatile market.

The slowdown in FII activity has adversely affected the liquidity flows in October in the market.

Trapped in the weakening rupee coupled with possibility of a further rise in the United States (US) interest rates, the market had witnessed heavy selling pressure during last week, triggered by Foreign Institutional Investors pull out, brokers said, adding, "FII were net sellers during last week."