Markets trade in green; healthy response to Zomato’s debut

India’s key equity indices made marginal gains during per-noon trade session on Thursday following supportive global cues.

Besides, expectations of healthy quarterly results and encouraging response to Zomato’s debut pushed the market’s higher.

Around 11.25 a.m., Sensex was trading at 52,877.66, higher by 40.45 points or 0.077 per cent from its previous close.

Nifty50 was trading at 15,830.90, higher by 6.85 points or 0.043 per cent from its previous close.

According to Binod Modi, Head Strategy at Reliance Securities: “Domestic equities look to be modestly good as of now. A sharp recovery in global markets propelled domestic equities to see sharp rebound yesterday, while concerns over global growth due to recent rise in delta variant coronavirus cases in different parts of the world continues to persist.”

“However, we continue to believe that underlying strength of domestic market remains intact and therefore any meaningful correction in the market should be taken as an opportunity to get in quality stocks.”

In addition, Zomato’s stocks debuted with a healthy rise of 68 per cent from issue price.

The company’s shares on the BSE were traded at Rs 127.90, higher by Rs 51.90 or 68.29 per cent from the issue price of Rs 76 per share.

On the BSE, it got listed at Rs 115.00 a share.

Further, on the National Stock Exchange, its shares traded at Rs 127.20, against the issue price of Rs 76. It got listed on the NSE at Rs 116 per share.

Post the stellar debut, the market capitalisation of Zomato is around Rs 1 lakh crore. Currently, it is at Rs 96,103.45 crore.

The listing was in line with the expectations.

The much-anticipated initial public offering (IPO) of Zomato was subscribed over 38 times by the end of the final day of the issue on last Friday.

https://www.thestatesman.com/business/markets-trade-green-healthy-response-zomatos-debut-1502985321.html

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