The correct options are
A Compounds (I) and (III) will reduce Fehling’s solution and will also mutarotate
C Compound (II) will not be reducing but mutarotating
All reducing sugars are muatrotating. Although (IV) is an α−hydroxy ketone, it reduces Tollen's reagent but it can not mutarotate as it is not a carbohydrate, can’t form ring.
In (II) the glycosidic linkage is in between two anomeric carbons and hence ring opening can’t occur, thus non–reducing as well as non-mutarotating.