Zomato Takes Centerstage as Nifty Closes in Green; US Futures Trade Up

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Zomato Takes Centerstage as Nifty Closes in Green; US Futures Trade Up

By Aditya Raghunath

Investing.com -- Markets were abuzz with Zomato Ltd (NS: ZOMT ) today as the food delivery platform made a strong debut on the bourses today. Zomato closed up almost 66% at Rs 126 compared to its issue price of Rs 76. Aswath Damodaran believes that the valuation of one Zomato share should not be more than Rs 41 but clearly, markets are dancing to a different tune.

Nifty 50 and the BSE Sensex 30 closed up 0.2% and 0.26% respectively, after a range-bound day. Markets experts say this kind of trading will likely continue into the last week of July as well. ICICI Bank Ltd (NS: ICBK ) gained the most on Nifty, closing up 3.12% while ITC Ltd (NS: ITC ) closed up 2.63% followed by Wipro Ltd (NS: WIPR ) and SBI (NS: SBI ) Life Insurance Company Ltd (NS: SBIL ) which gained over 2% each. Nifty Bank closed up 1.03%.

Among the losers, Tata Motors Ltd (NS: TAMO ) and Grasim Industries Ltd (NS: GRAS ) lost over 2% each followed by Adani Ports and Special Economic Zone Ltd (NS: APSE ) and Larsen & Toubro Ltd (NS: LART ) which lost over 1.5% each.

The European Central Bank kept its very accommodative monetary policy in place on Thursday, maintaining its benchmark interest rate at 0% as well as its 1.85 trillion euro asset-purchase scheme, while also tying its new forward guidance on interest rates more closely to inflation, suggesting they aren't likely to rise anytime soon.

US stocks are set to end the week back at or near record highs, as futures extend their premarket gains on the back of Thursday’s after-hours earnings. At the time of this report, Dow Jones 30 Futures were up 0.48%, while S&P 500 Futures and Nasdaq 100 Futures were each up 0.49%.

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  • Abhishek Bal @Abhishek Bal
    Just how many people will swear Aswath Damodaran ? The qs. is not even that. When the bubble will burst who will be last man standing ?
    Like 3

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