Of the 14 new-age tech startups under Inc42’s coverage, shares of six gained during the week
Traveltech major EaseMyTrip, which completed two years of its market listing this week, was the biggest loser, with its shares plunging over 12%
Benchmark indices Sensex and Nifty50 fell 0.8% to 57,527.10 and 0.9% to 16,945.05, respectively, this week
Indian new-age tech stocks witnessed a mixed performance this week as volatility continued to plague the overall market.On Friday, Sensex and Nifty50 fell about 0.7% and 0.8%, respectively, compared to Thursday’s close. Siddhartha Khemka, head of retail research at Motilal Oswal said that the domestic equities came under pressure following the passage of the Finance Bill, 2023 in Lok Sabha yesterday. The Bill has increased the securities transaction tax on futures and options.Shares of Paytm have formed a long bullish candle, so it is looking bullish for the short-term, said Amol Athawale, deputy vice president, technical analyst at Kotak Securities.It must be noted that Nazara jumped over 4% during Tuesday’s session after ICICI Securities initiated coverage on the gaming startup with a ‘buy’ rating and an extremely bullish outlook.Admitting that Nazara has been conservative when it comes to the RMG space, the company’s CEO and joint MD Nitish Mittersain said at Inc42’s The Maker Summit 2023 on Saturday, “I think, if I were to do things differently going back, let’s say a decade, I would definitely double down a lot more on the RMG space than what we have done till now.”Kotak Securities’ Athawale said that shares of EaseMyTrip are consistently facing selling pressure at higher levels and the short- and medium-term trend looks weak. “There is no promising sign of a reversal in the stock immediately. A pullback rally is possible but it’s minor,” said Athawale.
Of the 14 listed new-age tech startups under Inc42’s coverage, shares of six gained this week. DroneAcharya emerged the biggest winner, gaining 7.3% on the BSE this week, followed by shares of Paytm, which rallied 7%.