Mixed Week For New-Age Tech Stocks Amid Dip In Broader Market, Zaggle Emerges Biggest Gainer

Mixed Week For New-Age Tech Stocks Amid Dip In Broader Market, Zaggle Emerges Biggest Gainer

SUMMARY

Of the 19 new-age tech stocks under Inc42’s coverage, eight gained this week in a range of 0.6% to more than 18%. Zaggle emerged as the biggest winner

Eleven new-age tech stocks declined this week in a range of 0.5% to almost 14%, with Paytm once again becoming the biggest loser amid the regulatory turmoil at Paytm Payments Bank

In the broader market, Sensex declined 0.68% to 71,595.49 and Nifty50 fell 0.3% to 21,782.5

The Indian new-age tech stocks witnessed another mixed week, seeing stock-specific action, amid weakness in the broader market. Dr Joseph Thomas, head of research at Emkay Wealth Management, said, “The equity market remained volatile during the week, responding to events like the Fed Policy announcement and the RBI policy in quick succession. (The fact) that it may be a while before the central banks would go in for a rate cut has not pleased many, though the expectation is that the central banks would ultimately relent and that peak rates are behind us.” He expects the market to turn cautious and consolidate in the near term, as some key macro data are set to be announced and the Q3 earnings season is nearing its end. Amol Athawale, VP of technical research at Kotak Securities, said it is difficult to predict the movement of the stock as it is highly volatile and reacting to news stories. “3Q FY24 was another strong quarter with exceptional performance in quick commerce and smart margin gains in food delivery; growth here could have been better, but (the) result is understandable in the context of weakness across consumption categories,” said the brokerage.“However, in the short-term, it seems to be slightly in the overbought zone. Considering overall market conditions, it might see range-bound activity in the near term,” he said.“Four out of six brands from our portfolio are already in the INR 150 Cr ARR club and we see this as a testimony of our capabilities,” he said. “As we move forward, focus continues to be on purpose-based brand building, innovation and distribution expansion.” 

Of the 19 new-age tech stocks under Inc42’s coverage, eight gained this week in a range of 0.6% to more than 18%. Zaggle emerged as the biggest winner post its robust Q3 FY24 show.

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