Eight new-age tech stocks gained this week, with Tracxn Technologies emerging as the biggest gainer (up 12%)
Nykaa emerged as the biggest loser this week by falling around 5%, while Zomato, Paytm, DroneAcharya, Nazara, and IndiaMart InterMESH declined between 0.2% and over 2%
Benchmark indices Sensex and Nifty 50 gained 0.87% and Nifty gained 0.74% this week but there was a drag as the market witnessed profit booking at higher levels
New-age tech stocks saw another mixed week amid the fluctuations in the broader domestic equity market. However, the underlying sentiment remained strong.“Globally, sentiments turned sour after strong US private jobs data raised the probability of interest rate hikes by the Fed in its upcoming meeting. On the domestic front, markets are witnessing profit booking at a higher level after seeing a run-up of more than 4% in the last eight trading sessions,” said Siddhartha Khemka, head of retail research at Motilal Oswal.The stock has support at INR 138 and might plunge further next week, said Rupak De, senior technical analyst at LKP Securities. LKP Securities’ De said that if Paytm shares sustain above INR 844, then they can move up towards INR 870.Anubhuti Mishra, equity research analyst at Swastika Investmart, said that while the IPO was a great opportunity for investors, it is recommended that investors book profits and exit their positions.
Drone startup ideaForge made a stellar debut on the bourse on Friday (July 7), listing at a premium of 94% to its IPO price and becoming the first new-age tech startup to go public in 2023.