The market is in a mood to gamble. It wants more opportunities to play the IPO lottery. And, such exciting opportunities are aplenty. So when the investor is game and the investment bankers are ready to game, the game will go on.

“What can change this mood?”, asked a concerned market veteran. All it needs is a large overpriced IPO, which supplies as much stock as the market craves to buy. That IPO needs to list ‘weak’. But, these events are probably nowhere visible in the near term.

What the near term offers is a bump up in sentiment, a higher appetite for new-age businesses, a steady supply of issues and a very liquid market. The fact that Zomato had a higher subscription for QIB and HNI than in the retail segment clearly points to a relatively sober mood among retail investors.

As new public issues put listing profits in hand, moods will change and be elevated. Unless the market sees retail hysteria for IPOs, we probably must not rush to call a top or a correction. Only a fully satiating Jumbo IPO that whets retail appetite completely can set us up for a market top. For now, the game will grind on and the gaming will continue at a decent clip.

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