New-Age Tech Stocks Rally For Second Consecutive Week; DroneAcharya Surges 10%

New-Age Tech Stocks Rally For Second Consecutive Week; DroneAcharya Surges 10%

SUMMARY

Eleven out of the 14 new-age tech stocks under Inc42’s coverage rose this week, with DroneAcharya emerging as the biggest winner

Shares of PB Fintech, which emerged as the biggest gainer last week, slumped 7% this week to become the biggest loser among the new-age tech startups

Sensex rose 1.43% to 59,832.97 this week while Nifty50 rose 1.38% to 17,599.15, helped by the RBI’s decision to not increase repo rate

Indian new-age tech stocks continued previous week’s momentum this week also, as the Reserve Bank of India’s (RBI’s) decision to take a pause in repo rate hike cheered the overall equity market.“After six consecutive hikes, the RBI kept the rate unchanged at 6.5%. The decision came as a surprise after the majority of central banks around the world continued to increase rates in an effort to tame stubbornly high inflation. Rate pause and encouraging domestic economic data continue to provide a positive undertone to the market,” said Siddhartha Khemka, head of retail research at Motilal Oswal.  Despite the challenges, Nomura, in a recent research note, reiterated its ‘buy’ rating on the stock with a price target of INR 214, which implies an upside of 63% to the stock’s last close.

Eleven out of the 14 new-age tech stocks under Inc42’s coverage rose this week, with DroneAcharya emerging as the biggest winner with gains of over 10%. 

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