The BSE sensitive index fluctuated in a small range of 3930.65 and 3881.83 before closing at 3897.10 against Thursday's close of 3908.79, netting a loss of 11.69 points. The BSE-100 index eased by 4.85 points to 1725.25 from previous close of 1730.10.

Surprisingly, bull operators, who square off outstanding positions on the last day, were conspicuous by their absence as they had already done so on Thuersay.

ITC attracted brisk activity on announcement of the company's financial results with it's net profits rising sharply to Rs 526.20 crore on an increased turnover of Rs.3074.85 crore. The board of directors stepped the dividend to 45 per cent from 40 percent paid last year. The share price, however, showed a marked fall due to selling pressure. Dealers said UTI placed purchase orders of shares of MTNL in small lots with the price limit of Rs 235.

Operators expect the badla charges lower at around one to 1.25 per cent which will help the market to improve on Monday. The market could go to a maximum upto 4200 level before the announcement of the Union budget on June 1, a leading dealer said.

The BSE-200 and the dollex were quoted marginally down at 391.20 and 160.50 compared with Thursday's close of 392.57 and 161.06, respectively. The volume of business was low at Rs 1280.72 crore from Thursday's turnover of Rs 1454.88 crore.

ITC continued to be the most active scrip with a turnover of Rs 425.54 crore followed by Satyam Computer (Rs 114.71 crore), ACC (Rs 56.83 crore), SBI (Rs 45.85 crore) and Pentafour Software (Rs 44.20 crore).

Market leader ITC dropped by Rs 16.25 to Rs 796.75. Satyam Computer was marginally down at Rs 498.75 from its previousclose of Rs 501.25, TELCO dipped by Rs 2.40 to Rs 268 and TISCO by Rs 1.20 to Rs 150.50. However, SBI improved by a rupee to Rs 255.50 and Reliance edged up fractionally to Rs 180.50 from yesterday's close of Rs 180.30.