The Indian stock market opened with a rage on the first trading session of the week i.e. Monday (August 18) amidst mixed trend with global markets. Auto and consumer stocks are seeing a boom amid reports of changes in GST rates. Apart from this, financial services and FMCSG stocks are also seeing a boom. The 30 -share BSE Sensex opened at 81,315 with a gain of over 700 points. It was seen fast as soon as it opened. At 9:23 am it was trading at 81,545.09 with a gain of 947.43 points or 1.18 percent. Similarly, the Nifty 50 of the National Stock Exchange (NSE) also opened up at 24,938 points. At 9:25 am, it was trading at 24,947 with 315.85 points or 1.28 percent.
Prime Minister Narendra Modi announced major changes in GST in his Independence Day speech. Prime Minister Modi, indicating the implementation of new generation GST reforms by Diwali 2025, said that the time for change has come. In addition, S&P Global Ratings have increased India’s Sovereign Credit Rating from BBB-to BBB. Also, a stable approach has also been adopted. This step has been taken for the first time in the last 18 years.
What are the indications from global markets?
Asian stock markets rose on Monday before the US interest rate policy expectations. The risk for Russian supply decreased slightly, but oil prices declined. Japan and Taiwan’s index reached record height due to general risk-based perception. While Chinese blue chips reached a 10 -month high.
A mixed trend was seen in Asian markets on Monday morning. Japan’s Nikkei 225 index was trading up 0.7 percent. Hong Kong’s Hang Seng was 0.45 percent above. While South Korea’s Kospi Index was 1.23 percent below. At the same time, the US stock markets declined on Friday. Wall Street declined due to profits. The S&P 500 index declined by 0.3% and Dow Jones Industrial Average almost closed stable.
Upcoming IPO
The market activities are expected to accelerate after the Independence Day weekend. Five initial public issue (IPO) is going to be released this week. About Rs 3,600 crore is to be raised collectively from them. Despite the widespread market weakness, the gray market premium for these new shares is between 10 and 20 percent. Vikram is at the forefront of this, with a highest premium of about 20 percent on an IPO of Rs 2,079 crore.
Gray Market Premiums are 12 percent, 10 percent and 13 percent respectively for Gem Aromatics, Shreeji Shipping Global and Patel Retail. The IPO of Regal Resources is expected to be listed with a gain of about 25 percent. Whereas Bluestone can start a stable start after a weak response by jewelery and lifestyle investors.
