Yesterday BSE Sensex was down by 833 points closed at 16630 one another biggest fall in history of market. The much awaited Reliance Power IPO listed in NSE at a price of Rs. 530/- touched high of Rs. 590/- and rolled down in minutes and closed at Rs.373/-. The predicted price range for this share was Rs.600-900 but the listing price of Rs.530 sent a negative shock wave in investors. The whole market was down due to Global cues. Investment Experts suggest that investor should not book the looses and wait for the stability. It is expected that market will further move down between 14500 - 15300. In last week Real Estate firm Emaar MGF & Wockhardt Hospitals pulled back their IPO offering from the market due to poor response. Here i would like to mention that since the time Reliance Power IPO came into market all the major/reputed shares like ONGC, SBI, NTPC, RPL, RCom etc. are down due to slow down in USA economy (the biggest economy in the world) and other global cues. In next 3-4 month market will recover and so the Reliance Power will also recover.
Government will definitely complete its duties in the budget and look out that investors interested is protected.
Today I think market will open at move upward in starting sessions.
Lets Wait and Watch.