New-Age Tech Stocks Gain On Broader Market Rally; Nykaa, ixigo Among Top Gainers

New-age tech stocks soared this week as the broader Indian equities market continued the bull run for a second consecutive week. While 23 of the 39 listed new-age tech companies gained in a range of 0.45% to over 18% this week, six companies touched fresh highs. 

While BlackBuck, Eternal, BlueStone and Smartworks touched fresh all-time highs this week, Nykaa and Yatra touched their 52-week highs this week. NSE SME-listed TAC Infosec was the biggest gainer this week, zooming 18.02% to end at INR 1,293. 

Meanwhile, 16 of the 39 new-age tech companies ended the week in the red, losing in a range of 0.18% to over 10%. Urban Company was the biggest loser this week, falling 10.17% to end at INR 156.8. The company’s shares touched an all-time low of INR 156.2 during the final trading session of the week. Further, DroneAcharya and EaseMyTrip reached fresh all-time lows during the week.

Amid this, two new new-age tech companies made their public market debut this week. While Zappfresh had a bumper listing Thursday (October 9), shares of WeWork India saw a muted response from the public markets on Friday (October 10). 

After listing at a slight discount at INR 646.5 on the BSE, WeWork India’s shares fell over 3% to end the first trading session at INR 624.75. 

Meanwhile, as a result of the bull run this week, the total market cap of the 41 new-age tech companies stood at $112.46 Bn as against the $106.59 Bn market cap of 39 such companies last week.

Here are the key developments pertaining to these companies this week: 

• Fino Payments Bank settled a case pertaining to alleged disclosure lapses with SEBI by paying a settlement amount of INR 5.89 Lakh.
• In a relief for RateGain, the Customs, Excise and Service Tax Appellate Tribunal dropped the demand of INR 6 Cr raised by the Commissioner of Service Tax for alleged non-payment of service tax under the reverse charge mechanism on certain foreign payments. 
• TAC Infosec received in-principle approval from the NSE for issue and allotment of bonus shares in 1:1 ratio. The company has fixed October 15 as the record date and October 17 as the allotment date.
• Fintech major Paytm launched its AI-powered payments soundbox which provides real-time insights and personalised answers on sales and income.
• Goldman Sachs sold another 8.1 Cr shares of Zomato parent Eternal in a block deal worth INR 266.1 Cr this week. The investor has seen a windfall of INR 924.3 Cr from Eternal block deals in October.

Now, let’s take a look at the performance of the broader market this week. 

Markets Extend Gains On Growth Optimism

The Indian equities market gained amid renewed buying interest and positive global cues this week. Nifty 50 gained 1.5% to close at 25,285.35, while Sensex advanced 1.6% to settle at 82,500.82.

According to Ajit Mishra, SVP of research at Religare Broking, sentiment strengthened during the week as investors cheered the World Bank’s upward revision of India’s FY26 GDP growth forecast to 6.5%, citing robust domestic demand and policy continuity. The uptrend was also supported by easing geopolitical tensions in the Middle East and optimism around India-US trade discussions following a call between Prime Minister Narendra Modi and US president Donald Trump.

On the domestic front, macro indicators remained resilient. The HSBC India Services PMI eased to 60.9 in September from 62.9 in August but stayed firmly in expansion territory, reflecting continued strength in the services sector. Importantly, FIIs turned net buyers during the week, while DIIs maintained steady inflows, helping markets sustain momentum after the recent rebound.

The rally this week was led by technology companies, followed by gains in pharma, realty, and banking stocks. Meanwhile, FMCG, auto, and metals witnessed mild profit booking after their recent outperformance. 

Focus will shift to domestic inflation data and the Q2 FY26 earnings season next week. The CPI and WPI inflation numbers will be released on October 13 and 14, respectively, while the likes of Infosys, HCL Tech, Wipro, Tech Mahindra, ICICI Bank, Axis Bank, HDFC Bank, and Reliance Industries will declare their Q2 numbers. 

Globally, US inflation data, Federal Reserve chair Jerome Powell’s speech, and developments on the US-China tariff war front will influence investor sentiment.

Now, let’s take a look at the developments at two gainers this week – Nykaa and ixigo. 

Nykaa’s Q2 Update Ignites A Bull Run

Shares of Nykaa parent FSN E-Commerce Ventures extended their winning streak this week, rallying 10.53% to close at INR 265.10. The stock touched a 52-week high of INR 268 on Friday. 

The stock has now gained over 61% year to date (YTD), driven by strong business momentum and improving investor sentiment.

In its Q2 FY26 business update, the beauty and fashion ecommerce major projected mid-twenties revenue growth, supported by robust performance across both verticals. Nykaa said its consolidated gross merchandise value (GMV) growth for the September quarter is expected to be “close to thirties”, underscoring accelerating demand across categories.

The beauty segment’s net sales value (NSV) and net revenue are expected to grow in the mid-twenties, while the fashion vertical’s NSV growth is seen in the higher mid-twenties. The company attributed the improvement in its fashion vertical to strong traction in its core platform business, aided by expanding brand assortment and healthy customer acquisition.

Nykaa further guided that the fashion vertical’s net revenue growth could improve to low-twenties, up from low to mid-teens in recent quarters, though the difference between NSV and net revenue growth remains due to a lag in advertising and marketing income.

The upbeat business outlook followed a solid first quarter for the Falguni Nayar-led company. Its consolidated net profit zoomed 80% YoY to INR 24.5 Cr in Q1 FY26, while operating revenue rose 23% YoY to INR 2,154.9 Cr.

ixigo To Undertake First Fundraise Post Listing

Shares of ixigo parent Le Travenues Technology Ltd surged 11.39% during the week to close at INR 318.75,. The stock has gained nearly 78% year to date (YTD), buoyed by steady business growth and strong investor confidence.

The listed travel tech major announced on Friday that it will raise INR 1,296 Cr (around $146 Mn) from Prosus through a preferential issue on a private placement basis, marking its first fundraise since listing. In an exchange filing, ixigo said its board has approved the allotment of 4.62 Cr equity shares to Prosus’ wholly owned subsidiary MIH Investments One B.V., which will hold a 10.1% stake in the company post-transaction.

ixigo plans to utilise the funds across four key areas, allocating 25% each towards organic growth, inorganic growth, working capital requirements, and general corporate purposes. The company said the proceeds will support its hotel OTA expansion, AI-driven product development, and potential acquisitions by March 2028. If suitable acquisition targets are not identified within that timeframe, the unutilised amount will be redirected to organic growth initiatives.

The company also plans to deploy up to INR 323.89 Cr for working capital as it scales its OTA business across flights, trains, buses, and hotels. Meanwhile, general corporate allocations will cover ongoing operational and administrative costs.

The board has called an extraordinary general meeting (EGM) on November 1 to seek shareholder approval for the fundraise. Following the investment, MIH Investments will have the right to nominate one director to ixigo’s board as long as its holding remains above 10%.

Earlier in the week, ixigo also said that it received an intimation from a potential investor to acquire up to 16% stake in the company.