Tech Stocks Continue To Rise; Nykaa Surges 6.62%, Zomato Up 5.34%

SUMMARY

Despite the benchmark indices ending their winning run, the new-age tech stocks continued their upward trend

Zomato shares have risen by more than 31% in the last six trading sessions

Shares of One97 Communications, the parent company of Paytm, also rose 1.46%

Despite the broader equity market ending its winning streak on Tuesday (May 31), the new-age tech stocks continued their upward momentum.

The benchmark index BSE Sensex fell 360 points to end at 55,566, while Nifty 50 ended 77 points lower at 16,585.

However, Zomato, which was on a five-day winning run before today, rose 5.34% to settle at INR 75 on the BSE. The stock reached an intraday high of INR 77.75 but gave up some of the gains.

Zomato shares have risen by more than 31% in the last six trading sessions. Buoyed by positive investor sentiment post its Q4 results, the publicly traded foodtech startup reached a market capitalisation of INR 59,052.41 on Tuesday.

The upswing comes even as the Gurugram-based company reported widening of its loss to INR 1,222.5 Cr in FY22 from INR 816.4 Cr in FY21.

Shares of ecommerce platform Nykaa jumped 6.62% to close at INR 1494.20. The stock opened at INR 1,395 and scaled to an intraday high of INR 1508.65.

The company’s shares have picked up momentum after the startup released its FY22 results on Friday (May 27). In the last two trading sessions, Nykaa shares have surged by more than 10%, while its current market cap stands at INR 70,855.71 Cr.

Shares of One97 Communications, the parent company of Paytm, also rose 1.46% to close at INR 652.90. The stock opened at INR 640 and reached an intraday high of INR 664.35 during the course of trading on Tuesday. At the end of the day, Paytm’s market capitalisation stood at INR 42,356.52 Cr.

Meanwhile, PB Fintech, the parent of Policybazaar, continued its downward spiral. The fintech player’s shares declined 3.91% to INR 662.05.