In line with the rally in the broader market, 25 out of the 28 new-age tech stocks under Inc42’s coverage gained in a range of 0.21% to over 7% today
ideaForge jumped 7.55% to emerge as the biggest winner, followed by CarTrade, which gained 5.91%
Sensex and Nifty gained over 1% each following Donald Trump’s victory in the US presidential election
New-age tech stocks jumped on Wednesday (November 6), as the broader market rose on Donald Trump’s victory in the US presidential election. Benchmark indices Sensex and Nifty50 ended over 1% higher today.
In line with the rally in the broader market, 25 out of the 28 new-age tech stocks under Inc42’s coverage gained in a range of 0.21% to over 7% today.
Fresh off touching all-time lows, shares of drone company ideaForge emerged as the biggest gainer today. The stock rose 7.55% to end the day at INR 611.15.
Shares of ideaForge were on a decline since the company posted a loss of INR 13.7 Cr in the September quarter of FY25. The shares slipped to an all-time low of INR 535.45 on October 29.
Trailing ideaForge was online auto auction platform CarTrade, which touched a fresh 52-week high again today. Share prices of the company ended at INR 1,192.05, up 5.91% from the previous close. It is pertinent to note that this is the third time that the shares of the company touched a 52-week high since it released its Q2 FY25 financials.
Paytm, Delhivery, Zomato, TAC Infosec, Awfis were among the other gainers today.
Meanwhile, Honasa Consumer, Go Digit and Nykaa were the only two new-age tech stocks to end in the red today. While shares of Mamaearth parent ended 0.17% lower at INR 387.85, those of Nykaa dropped 1.06% to INR 181.45. Go Digit’s shares slipped 0.03% to INR 337.60.
The cumulative market capitalisation of the 28 new-age tech stocks stood at $75.69 Bn at the end of today’s trading session.
Amid all these, the much-anticipated Swiggy IPO opened for public subscription today. The issue received a lukewarm response on the first day of bidding and was subscribed 12%. The IPO will close on November 8.
In the broader market, Sensex ended 1.13% higher at 80,378.13 and Nifty50 ended 1.12% higher at 24,484.05, respectively, today. BSE SmallCap index jumped 1.96% to 56,008.13, while BSE Midcap zoomed 2.28% to 46,944.02.
“The global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending,” Vinod Nair, head of research at Geojit Financial Services, said.
Hrishikesh Yedve, AVP of technical and derivatives research at Asit C. Mehta Investment Intermediates, opined that the bull run might indicate a drop in market volatility experienced in the Indian markets of late. It is important to note that despite today’s rally, Sensex has declined 0.83% in the past month.
“Technically, the Nifty formed a piercing line candle on the daily chart around the 150-Days exponential moving average (DEMA) support, indicating strength. According to the piercing line candlestick pattern, if the index crosses 24,320, the short-term pullback rally may extend to 24,500-24,600 levels. The short-term trend is down, but as long as 23,890 support holds, a relief rally may be feasible,” he said.
