Ordered from Blinkit in the last 3 months? You may have played a part in today’s Sensex, Nifty movement
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To the uninitiated, the only common factor between a 10-minute grocery delivery service and the Indian stock market might be the sheer speed at which they operate. But if you have ordered from Blinkit in the April-June quarter, you might have played a part in helping India’s benchmark market indices, Sensex and Nifty, in today’s trading.
The parent of Zomato and Blinkit, Eternal, saw its shares rally on July 22 to as high as ₹311.60—that is almost a 15 per cent jump from yesterday’s close of ₹271.20 per share. This came after the company, formerly called Zomato, posted its quarterly results.
To the surprise of many, it was not Eternal’s food delivery arm, Zomato, that impressed, but its 10-minute grocery delivery arm, Blinkit—it posted a massive ₹9,203 crore in net order value (NOV) with 16.9 million average monthly transacting customers for the first quarter.
In contrast, Zomato’s NOV for the three-month period was ₹8,967 crore with 22.9 million average monthly transacting customers.
The quick-commerce giant posted a quarterly consolidated net profit of around ₹25 crore. The trading day, which began with the rally, ended with Eternal becoming the biggest gainer in the 30-pack Sensex and the 50-pack Nifty, closing more than 10 per cent up at ₹299.80 apiece.
Sensex, Nifty close flat despite market rout
The rally in the Blinkit parent stock came on a day which saw a significant slump in many stocks. Among the major laggards were Adani Ports, Tata Motors, SBI, L&T, UltraTech Cement, Reliance Industries, Infosys, Sun Pharma, ITC, Bajaj Finserv, and HCL Tech.
In fact, the Eternal rally helped Sensex close at 82,186.81 and the Nifty settle at 25,060.90—both almost flat—despite muted earnings in other sectors and consistent outflow of funds by Foreign Institutional Investors (FIIs).
On Monday, Domestic Institutional Investors (DIIs) had bought ₹3,578.43 crore worth of stock when FIIs offloaded ₹1,681.23 crore in equities, helping the market stay afloat.
But it was not just the Sensex and Nifty that benefited from Eternal’s impressive rally. Zomato’s biggest rival, Swiggy, saw its shares jump more than 8 per cent when it hit Tuesday’s high of ₹426.30 per share. At close, Swiggy shares more than 5.5 per cent higher to settle at ₹417.15 apiece.
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