Jittery investor sentiments after a sharp plunge over the past three days kept the market in a highly volatile mode on Wednesday, though the benchmark Sensex regained its 13,000-point level on selective buying.
After opening with a modest gain of about 16 points, the Bombay Stock Exchange's 30-share benchmark index registered a gain of over 200 points in the mid-day trade.
However, gains were short-lived and the Sensex was seen fluctuating between positive and negative territories on alternate bouts of selling and selective buying activities.
The 30-share sensitive index was trading 48.48 points higher at 13,059.85 at 2 pm after opening at 13,011.37 points. The Sensex hit an intra-day low of 12,830.38 earlier in the day, as against Tuesday's close of 12,995.02.
Earlier, emergence of buying at lower levels pushed the Sensex up to quote at 13,195.77 at 12.15 pm, displaying a sharp recovery of 200.75 points.
There were 18 Sensex stocks trading with gains, as against 12 in the negative territory among the 30 blue chip stocks.
However, the overall market breadth was negative with 47 per cent of total BSE stocks in positive and 51 per cent in the negative territory.
Reliance Communications, SBI, Gujarat Ambuja, ICICI Bank, RIL and Bharti were among major gainers, while Tata Steel, ONGC, HLL and IT majors Wipro, Infosys and TCS were the major losers on the Sensex.
The National Stock Exchange's Nifty index (NSE) also recouped by 54.45 points to quote at 3,771.35 in mid-day trade from previous close of 3,716.90. Selective buying was seen in the banking and capital goods sector stocks.