Shares of Swiggy extended their gains for the third consecutive trading session on July 29 after the company announced the appointment of former Myntra Chief Executive Officer Nandita Sinha as the new CEO of Instamart. The stock was trading around 7.3 percent higher at Rs 288 during morning trade as investors welcomed the leadership change ahead of the company's upcoming quarterly earnings announcement.

Nandita Sinha will assume charge of Instamart from August 3, replacing Amitesh Jha. She previously led Myntra, where she played a key role in scaling the fashion e-commerce platform into a profitable business within the Flipkart ecosystem. Commenting on her appointment, Sinha said she looks forward to building on Instamart's customer-first culture and driving the next phase of growth in India's rapidly expanding quick commerce market.

The rally in Swiggy shares has also been supported by improving sentiment across the quick commerce sector. Recent reports indicated that Zepto is exploring an initial public offering at an estimated post-money valuation of around $3 billion, lower than the previously targeted $5 billion. The development has strengthened market expectations that competitive intensity in the sector could gradually become more disciplined.

Investors believe that a lower valuation and potentially reduced fundraising may limit Zepto's ability to sustain aggressive spending on discounts, dark store expansion, and customer acquisition. This could ease competitive pressure on listed players such as Swiggy and Eternal, improving the long-term profitability outlook for the sector.

Shares of both Swiggy and Eternal have gained around 12 percent over the past three trading sessions. Market participants will now closely watch Swiggy's Q1 FY27 earnings, scheduled to be announced on July 30, for updates on business performance and the company's strategy for strengthening its quick commerce operations.