“Whaaat an IPO saabji…!”

I hate to come back with another posting on stocks, but the topic looks very tempting today.

The day started with watching Anil Ambani getting vocal about the trust shown by retail investors in his Reliance Power IPO and how auspicious the day is for him. The mood looked upbeat.

Then it was 9:55 am, he rings the BSE opening bell marking the debut of Reliance Power in bourses, the stock, with a listing price of 450 opened at about 550, touched about 600 and then it plunged to the 380s.

All these happened in mere 60 seconds!

Anil and his bankers had already fled the scene, avoiding the media and it looked like even the media was too stunned to react and catch him.

Then, for me, it was a painful exercise of tracking the stock on a minute-by-minute rate.
All day long, I have been witnessing its pathetic fall to the 350 levels.

Reliance Power IPO story would be etched in the memory of most of us for a long time to come. In the long run, the stock may even reach past the 1000 mark. But, for the hype it created, the mad rush it generated and above all, for disappointing investors on the first day itself, the stock has made it into the history books.

a choppy day

'Choppy'.....isn't it a nice word? Not one for those stock exchange players when they hear business channels keep screaming "The market remained extremely volatile and choppy trade brought the sensex down by xxxxxxx points".

The same is happening today at the Bombay Stock Exchange and I have never seen a day as volatile as today in my recently-launched 'retail investor avatar'.

My stocks are deep in the red and I curse and swore for having held on to some of my costly gems when they were doing good just the day before yesterday. I was chanting the 'long term mantra' then.

Now I have realized one thing: When the water is rising, pick up your belongings and run and when the sun start shining, field them again .......NOOOOOO

It should be like this: When the water is rising and you feel like now it won't rise further....jump into it......fish for better returns...buys stocks at cheaper rates......and when the sun starts shining and you feel like it wont shine further.....pick up your catches and withdraw from the scene until the water starts rising again.

Now the trick is in deciding the utmost points of the water level as well as the sun shine.

I wont agree with all the talk going around on global economy impacting the Indian stock exchange much. It had been happening all the time and now why this sudden setback? I think someone is playing out there.....might be another Harshad Mehta or (without naming anyone) I would guess there is a sibling-rivalry impacting our poor lives.

Whatever.....the Indian market has turned very dirty after all those indications of a rosy future.

People like me r still holding on because.......we are addicted to it and this addiction makes us think that there would be a better tomorrow.

Reliance Power IPO is launching Monday and I am keeping my fingers crossed....I have my humble share of 17 ....sweet 17 I would call it......let's see how it survives these market-teasers..