MapmyIndia Biggest Loser This Week Amid Volatility In New-Age Tech Stocks, CarTrade Rallies Further

MapmyIndia Biggest Loser This Week Amid Volatility In New-Age Tech Stocks, CarTrade Rallies Further

SUMMARY

Entering the September quarter earnings season, eight out of 18 new-age tech stocks under Inc42’s coverage slumped in a range of 1% to over 8% this week

Ten stocks, including CarTrade, Paytm, Zomato, Zaggle, and Yatra, remained resilient despite volatility and gained in a range of 0.5% to over 11% this week

In the broader market, benchmark indices Nifty 50 and Sensex were up 0.5% to 19,751.05 and 0.44% to 66,282.74, respectively, this week

Indian new-age tech stocks continued to witness volatility this week too, in line with the trend in the broader market due to inflationary pressure in the US, geopolitical unrest in the Middle East, and weak financial performance of Indian tech majors in Q2 FY24.“Weak global cues and a sharp rise in crude oil prices dampened the market sentiment as banking and technology stocks led the downfall. While the market is already coping with global economic uncertainty, concerns over the flare-up in the Israel-Palestine conflict have been making investors jittery,” opined Amol Athawale, VP of technical research at Kotak Securities.Overall, the shares gained 6.4% this week, ending Friday’s trade at INR 111.05, up 1.1% compared to Thursday’s close. However, its shares slumped later in the week and the overall gain stood at 0.5% this week. It ended the week in the red at INR 932.9 on the BSE.Shares of Zaggle jumped almost 9% on Friday after the company bagged a $20 Mn order from Visa for cobranded forex cards.

Entering the September quarter earnings season, eight out of 18 new-age tech stocks, under Inc42’s coverage, slumped in a range of 1% to over 8% this week, with MapmyIndia emerging as the biggest loser.

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