New-Age Tech Stocks Surge As Markets Cheer US’ Tariff Pause

US president Donald Trump’s decision to pause reciprocal tariffs for all countries, except China, for 90 days and temporarily exempt semiconductors and electronics items from tariffs has been welcomed by the global equities market.

The Indian equities markets, which were shut yesterday on account of Dr. Baba Saheb Ambedkar Jayanti, jumped today following the positive news on the tariff front. 

In line with the broader market, new-age tech stocks saw one of the best trading days in 2025 so far. Barring Paytm and Honasa, 30 out of the 32 new-age tech companies under Inc42’s coverage gained in a range of 0.09% to 20% today. 

Fino Payments Bank was the biggest gainer today, ending the day at 20% upper circuit at INR 250.5 on the BSE. The stock has been under pressure this year and has tumbled 23% year to date.

Last week, brokerage Emkay initiated coverage on Fino Payments Bank. It gave the company’s shares a buy rating, with a price target of INR 300. The stock has rallied about 18% since then.

Drone maker ideaForge was the second biggest gainer today, with its shares jumping 7.95% to end the session at INR 365.4 on the BSE.

The third biggest gainer today, PB Fintech, saw its shares zoom close to 6% to INR 1,623.50. The company’s market cap stood at $8.7 Bn at the end of the session. 

In a research report released on April 11, brokerage JM Financial projected PB Fintech to deliver a 43% year-on-year (YoY) and 21% quarter-on-quarter (QoQ) revenue growth in Q4 FY25.

It also expects its adjusted EBITDA margin to expand 170 basis points and 190 basis points on a YoY and QoQ basis, respectively, to touch 8.0%. 

Amid the gainers today, Deepinder Goyal-led Eternal rose 2.4% to end at INR 222.3. With this, its market cap touched the $25 Bn mark again. The uptick in the company’s share prices came despite a bearish projection from JM Financial.

In its report, the brokerage projected Eternal’s EBITDA to decline to INR 60 Cr in Q4 FY25 due to higher losses of quick commerce arm Blinkit. 

Eternal’s archrival Swiggy is also projected to see its loss increase 15% QoQ to INR 927 Cr in Q4 FY25. Despite this, shares of Swiggy gained 0.39% today to end the session at INR 334.05. 

Meanwhile, MapmyIndia gained 0.44% to close at INR 1,728.3. The stock is up 6.2% year to date. 

At the end of last month, MapmyIndia’s CEO and whole time director, Rohan Verma, announced his departure from the role. Verma has taken over as the MD of MapmyIndia’s subsidiaries Vidteq and Gtropy. However, he will continue to be a non-executive director on the board of the geotech company. 

“Rohan’s appointment as MD of Vidteq is being done to strengthen, and expand the scope of MapmyIndia’s geospatial & government business in a focused manner through its wholly owned Subsidiary, Vidteq (India) Pvt Ltd… Rohan’s appointment as MD of Gtropy is being done to strengthen MapmyIndia’s business related to the sunrise sectors of IoT & logistics SaaS, by ensuring the profitable execution and value-additive growth in its IoT,” the company said in an exchange filing on March 28.

Besides, on April 9, the company’s non-executive director Vijay Ajmera also put in his resignation on “account of his other ongoing engagements and personal commitments”. Ajmera is a VP of PhonePe and served as the fintech startup’s nominee on the board of MapmyIndia. 

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

Tariff Relief Triggers Bull Run

The US’ decision to exempt smartphones and computers from tariffs and Trump hinting at a possible pause on auto tariffs allayed some of the fears of the market about a slowdown in the North American nation’s economy. According to analysts, this led to robust buying in realty, banking, and auto stocks in India.

As a result, Sensex ended 2.1% higher at 76,734.89 today and Nifty 50 gained 2.19% to end at 23,328.55. 

“The rally is fuelled by the surprise pause in reciprocal tariffs, which continued today led by the exemption on electronics goods also. Domestically, the focus has shifted to the earnings season, which has a weak forecast, while global recovery and RBI’s accommodative stance are supporting sentiment,” said Vinod Nair, head of research at Geojit Investments. 

Meanwhile, Hrishikesh Yedve, AVP of technical and derivatives research at Asit C. Mehta Investment Intermediates, observed that the broader market outperformed the benchmark index Nifty today, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining 2.92% and 3.08%, respectively. 

In another positive news, India has signed the terms of reference for the first part of the bilateral trade deal with the US. Trade secretary Sunil Barthwal said that India will pursue trade liberalisation with the US.

Despite the de-escalation in tariff plans from the US, the Chinese government continues to be on the offensive. China has told the country’s airlines to stop taking deliveries of jets from American aviation giant Boeing. 

Meanwhile, the US is conducting a probe into the imports of semiconductors and related downstream products, which can pave the way for imposition of tariffs on these items.