Stock market on roller-coaster ride; Sensex gains 30 pts

The stock market had a roller-coaster ride with the benchmark BSE Sensex surging by 240 points in intra-day trading but ending with a gain of just 29 points.

The Sensex, which had been under bear-hammering for the last one week, turned volatile before closing with a small gain of 29.74 points at 14,932.77. Earlier in the day, it touched a high of 15,142.04 and a low of 14,901.83 points.

In similar fashion, the National Stock Exchange index Nifty closed higher by 16.85 points at 4,356.35. It touched the day's high of 4,406.40 and a low of 4,341.50 points.

The recovery was on the back of a surge in capital goods, public sector undertaking, realty and oil and gas stocks.

Brokers said the domestic market rebounded after global markets recovered from their lowest levels in a month on speculation the US government will take steps to check mortgage losses that led to a crash in global equities.

"This is a pull back in select segment stocks after the recent decline," Rajiv Malik, a Mumbai-based broker, said and added, "the US housing problem is still a worry and until that is sorted out, markets will remain volatile".

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