Market shows recovery

The markets were highly volatile in the first half of the trade.The BSE Sensex was highly volatile in the first few minutes of the opening session, in see-saw trade. It had opened slightly higher, at 13,343.57, but immediately began declining sharply on intense selling pressure. It recorded a low of 13196.90, as selling continued. But from here it again started recovery, as buying resumed at the lower levels.

At 13.25 pm the sensex is trading 34 points up at 13342 while the Nifty is trading barely 11 points up at 3887.

Cigarette maker ITC was the top loser, down 3% to Rs 144.70, on a volume of 5.55 lakh shares after Maharashtra proposed a hike in tax on cigarettes in its annual Budget.
Cement stocks bounced back. ACC was the top gainer, up 2.60% to Rs 772.70, on a volume of 1.04 lakh shares.

Grasim (up 1.88%), Gujarat Ambuja Cements (up 1.95%) and Bharti Airtel (up 1.13%) were the other gainers.Index heavyweight RIL was down 0.38% to Rs 1368, on a volume of 53,810 shares.

Indiabulls Real Estate was trading at Rs 366.70 on BSE in early trade. The stock had hit a low of Rs 359 and also a high of Rs 414.80. Exchanges have set Rs 407 as base price for the scrip with a 20% price band. A huge 11.1 lakh shares changed hands in the counter on BSE. Indiabulls Real Estate (IBREL), was formed following the demerger of the real estate business of Indiabulls Financial Services (IBFSL). The company was listed on the bourses today. The total equity capital of IBREL is Rs 35.93 crore, consisting of 17.96 crore shares of Rs 2 each.