Vodafone Idea, YES Bank, Zomato Lead Trading on NSE as Markets Rise

Indian stock markets opened positively on May 14, 2024, with NSE Nifty rising 37.96 points and BSE Sensex gaining 92.26 points. Vodafone Idea's stock surged 3.33%, while Zomato's share price fell 6% after reporting Q4 results.

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Aqsa Younas Rana
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Vodafone Idea, YES Bank, Zomato Lead Trading on NSE as Markets Rise

Vodafone Idea, YES Bank, Zomato Lead Trading on NSE as Markets Rise

On May 14, 2024, the Indian stock markets opened on a positive note, with the NSE Nifty index rising 37.96 points to 22,142.0 and the BSE Sensex gaining 92.26 points to reach 72,868.39. Among the most actively traded securities on the National Stock Exchange were Vodafone Idea, YES Bank, and Zomato.

Why this matters: The performance of key stocks like Vodafone Idea, YES Bank, and Zomato can have a significant impact on the overall Indian economy, influencing investor confidence and shaping the country's financial landscape. As the Indian stock market navigates global uncertainties, the trajectory of these stocks will be closely watched for signs of resilience or vulnerability.

Vodafone Idea's stock price surged 3.33% in today's trading, outperforming the telecom sector by 1.94%. The company's shares are currently trading above their 5-day and 200-day moving averages but below the 20-day, 50-day, and 100-day moving averages, suggesting a mixed trend in the short to medium term. Vodafone Idea's 1-day return of 3.09% significantly outpaced the Sensex's 0.33% gain.

YES Bank and Zomato also witnessed strong trading activity on the NSE. Zomato's share price, however, fell 6% in early trade after the company reported its Q4 results. The food delivery giant posted a consolidated net profit of ₹175 crore in Q4FY24, a significant improvement from the ₹188 crore loss in the same period last year. Zomato's revenue from operations grew 73% year-over-year to ₹3,562 crore, while its gross order value increased 51% to ₹13,536 crore for the March quarter.

Despite the initial dip, analysts remain bullish on Zomato's prospects. Emkay Global Financial Services maintained a Buy rating with a target price of ₹230 per share, noting, "Zomato posted steady operational results with revenue ahead of our estimates, whereas the margin miss was on account of higher than expected ESOP costs." Nuvama Institutional Equities also kept a Buy rating and raised its target price to ₹245, highlighting Blinkit's plans to expand its dark store count to 1,000 by the end of FY25.

In other market news, the NIFTY50 formed a bullish hammer on the daily chart, rebounding from the day's low. However, the broader trend remains bearish, with the index expected to trade between 21,600 and 22,700 based on options data. The BANK NIFTY snapped its eight-day losing streak, closing above its 50-day moving average. Foreign Institutional Investors (FIIs) remained net sellers for the eighth consecutive session, offloading shares worth ₹4,998 crore, while Domestic Institutional Investors (DIIs) were net buyers, purchasing shares worth ₹3,562 crore.

As the Indian stock market continues to navigate the challenges and opportunities of 2024, investors will be closely monitoring the performance of key stocks like Vodafone Idea, YES Bank, and Zomato. With the NSE Nifty and BSE Sensex showing signs of resilience amid global uncertainties, market participants remain cautiously optimistic about the future of Indian equities.

Key Takeaways

  • Indian stock markets open positive, NSE Nifty rises 37.96 points to 22,142.0.
  • Vodafone Idea's stock price surges 3.33%, outperforming telecom sector.
  • Zomato's share price falls 6% after Q4 results, but analysts remain bullish.
  • NIFTY50 forms bullish hammer on daily chart, but broader trend remains bearish.
  • FIIs remain net sellers, offloading ₹4,998 crore, while DIIs are net buyers.