(Image source from: Indianexpress.com)
Global stock markets are bleeding red, and European and Asian markets are seeing a tremendous crash on Monday. Markets are unstable because of the concern over the recession in the USA. Reaching its lowest of three months, FTSE London markets dropped 100 on Monday.
Not only London, Nikkei and Kospi also feared the recession. Japan's Nikkei market has seen a 13 percent down compared with the 'Black Monday' of 1987. South Korea’s Kospi, Hong Kong HangSeng, and Australia’s ASX also saw a 3 and 11 percent drop. European markets have seen a downtrend and seen the lowest since February 12. Markets fell below the 500 mark. Banks, financial services, and the tech sector have seen a major decline. On Friday, Nasdaq, it fell over 2.43 percent and Dow Jones with an industrial average of 1.51 percent, The fall is only with the fear of the job recession in the United States.
Coming to Indian markets:
BSE has plunged 3.31 percent with 2666 points down with an intraday low of 78295.
NSE also fell off by 3.33 percent by seeing a loss of 824 points and stood at intraday 23,893.
The stocks like Tata Motors, Adani Ports, Tata Steel, Infosys, JSW, and others are seeing heavy losses. Tata Motors has seen a loss of -5.83 percent and intraday trading at 1032.90.
While the NIFTY and BSE are bleeding red, IPOs are attaining hold. The sentiment towards the public issue continued and the demand continued for IPOs as they are with the low premiums. Ola Electric IPO, Ceigall India, and Akums Drugs are current IPOs going public in India. Ceigall India IPO GMP market closes today. The GMP was stable on Saturday and remained at Rs53. Ola Electric IPO is trading at a premium of Rs 9.60 on Monday and has not changed since Saturday. IPO closes on August 6th.
Even in this pressure some of the shares are seeing green and hitting all-time highs. The Arrow Greentech hit a new high and trading at a price of Rs 944. The packaging company has seen a 20 percent high in the BSE market as there are solid profit numbers in the quarter results. This share has seen a surge of 73 percent in the last 10 days. Hiked from Rs 546 and went to reach Rs 900.
