Stock market today: Zomato share price hits lifetime high. Experts see IPL 2024 connect

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Stock market today: Zomato share price has been in an uptrend for the last one year. After bottoming out at around ₹50 apiece around a year ago, Zomato share price has remained an ideal 'buy on dips' stock for stock market investors. Zomato share price today opened upside and went on to touch an intraday high of ₹183.40 per share level on NSE, logging over 250 percent rise in the last one year.

While climbing to its intraday high during Tuesday deals, Zomato share price today touched a new high as well. According to stock market experts, the market is expecting strong quarterly numbers next month from the online food app company. They said that demand for online food has touched the pre-COVID level and due to the beginning of IPL 2024, Zomato business is expected to gain momentum as people are expected to rely on online food orders to enjoy the IPL matches.

They also added that Blinkit, a quick online arm of Zomato has raised its charges by more than 200 percent, which would also enable the online food delivery company to muster more revenue in its business, where it enjoys almost monopoly. They said that Zomato share has given a breakout at ₹175 on a decisive basis and the stock may go up to ₹247 apiece if it breaches its current hurdle placed at ₹204 apiece level. On how IPL 2024 has fueled the online food delivery business of Zomato, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Whenever a big sports tournament gets organized anywhere in the world, it works as a trigger for various other businesses.

Today, IPL 2024 is doing the same for Zomato. To enjoy uninterrupted IPL matches, people are expected to increase their normal number of online food orders. As Zomato has almost a monopoly in the