Muhurat Trading Session — Diwali Adds Some Momentum To The Major New-Age Tech Stocks

The new-age tech stocks largely witnessed a northbound journey during the one-hour special Muhurat trading session in the Indian stock market on Monday (October 24) that marked the beginning of the Hindu Samvat year 2079.

Like every year, NSE and BSE conducted the special Muhurat trading session for one hour on the day of Diwali as the Indian stock market opened between 6:15 pm and 7:15 pm.

From Zomato to Paytm, Delhivery to Nykaa, the new-age Indian tech stocks ended the special trading session up between 0.7% and 5%, which was in line with an overall bullish market performance during the session. 

In fact, after a significant fall last week in its past two consecutive trading sessions, the shares of PB Fintech, the parent entity of insurtech firm Policybazaar, gained the highest during the Muhurat trading session ending at INR 396.95 on the BSE. The stock was up almost 5% compared to its Friday’s close.

On the other hand, last week’s biggest loser Delhivery gained 3.2% on the BSE, ending the one-hour trading session at INR 399. Shares of the logistics unicorn hit its record low at INR 377.05 last week, falling over 30% in just two days.

In line with an extremely positive move in the overall banking sector in today’s trading, Fino Payments Bank’s trading volume was also quite high as its stocks ended the session 2.6% higher at INR 201 on the BSE.

Meanwhile, it is pertinent to note that foodtech giant Zomato, which went through massive ups and downs this year, saw the highest trading volume among its tech stock peers during the special trading session today. The Delhi-NCR based giant’s 2 Lakh shares were traded during the session. Its shares ended up 0.8% at INR 62.35.

Despite sell-off fears looming around Paytm (as the startup’s IPO lock-in period expires next month), its share gained 1.3% during Monday’s session at INR 637.70.

While it looks like the tech stocks were not deprived of the investors’ positive sentiment in the Indian stock market, the most newly listed new-age tech stock Tracxn Technologies was down 4.8% at INR 86.95 on Monday. The startup made a tepid stock market debut last week at INR  83 apiece on the BSE. 

Besides Tracxn, CarTrade Tech was also down 0.6% during the session at INR 604.7.

Despite the global pressure, analysts seemed to be highly bullish about the overall Indian stock market, particularly in the long term, and today’s Muhurat session has bolstered that sentiment. The benchmark indices NSE Nifty50 and BSE Sensex ended the session up by 154.45 points at 17,730.75 and 524.51 points at 59,831.66, respectively.