Stock market today: Despite selloff pressure in the Indian stock market, Swiggy share price opened on the BSE and NSE at a decent premium. Swiggy share price opened on the BSE at ₹412 apiece whereas on the NSE, it opened at ₹420 per share, delivering over 5.50 per cent listing gain to the lucky share allottees. However, the newly-listed stock didn't end here only. Swiggy share price witnessed strong buying after listing and touched an intraday high of ₹449 apiece on the NSE, extending the post-listing gain.
According to stock market experts, Swiggy's positive debut should be seen as strong demand for the company. They advised lucky allottees to hold the scrip for the long term, whereas fresh investors should wait for some profit booking. Macquarie and JM Financials have also initiated coverage on Swiggy shares.
Speaking on the positive debut of Swiggy shares, Prashanth Tapse, senior VP — Research at Mehta Equities, said, "Despite subdued market mood and sluggish response from overall investors, Swiggy listing surprised the market participants. Positive listing and price holding above its issue price of 390 should be seen as strong demand for the company. This shows investors are positive on the space, and the fear of missing out is holding investors back from missing the sector growth story, similar to the ZOMATO post-listing trend."
On the suggestion to Swiggy shareholders, Mehta, an Equity expert, said, "For allotted investors, HOLD FOR LONG TERM despite knowing short-term volatility and competitive pressures in the sector. For non-allottees, we advise waiting and watching for the price to settle and revisiting to buy near the issue price if we get due to market selloff pressure."
Unveiling strategy post-listing, Shivani Nyati, Head of Wealth at Swastika Investmart, said, “Investors should approach Swiggy with a balanced perspective, considering the potential for future growth and the associated risks. Those who are holding it may keep a stop at around the issue price.”
Akriti Mehrotra, Research Analyst, StoxBox, said, "Despite reporting consistent losses, the company has demonstrated steady revenue growth. Its strategy to expand dark stores, optimize logistics, and diversify offerings aims to drive future profitability. Swiggy is also focused on accelerating its Instamart service and narrowing the market share gap with competitors like Zomato and Blinkit. We recommend holding Swiggy shares with solid growth potential for a medium- to long-term investment outlook.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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