21 of the 28 new age tech stocks under Inc42's coverage fell in the range of 0.66% to just under 6%
NSE Emerge listed Menhood emerged as the biggest loser, with its shares dropping 5.88% to INR 128
Meanwhile, seven of the 28 new age tech startups gained in the range of 0.53% to just over 4%
Investors turned bearish towards new age tech stocks today (November 4) in line with a broader market decline. As benchmark indices Sensex and Nifty 50 plunged by over 1% in the trading session on November 4, 21 of the 28 new age tech stocks under Inc42’s coverage fell in the range of 0.66% to just under 6%.
NSE Emerge listed Menhood emerged as the biggest loser, with its shares dropping 5.88% to INR 128. Just behind Menhood was online travel aggregator Yatra with its share prices dropping 4.34% to INR 112.45.
While Fino Payments Bank and TBO Tek went down by 4.23% to 4.18%, respectively, the list of losers also comprised Delhivery, Paytm, Zomato, Nazara and Honasa.
Meanwhile, seven of the 28 new age tech startups gained in the range of 0.53% to just over 4%. Coworking space provider Awfis saw bullish investor sentiment despite the broader market dip. Its shares went up 4.19% to INR 715.85, making it the top gainer of the day.
Just behind Awfis was Rategain, with its shares climbing 4.18% to INR 794.40. The list of seven gainers of the day also comprised TAC Infosec, CarTrade, Yudiz, PB Fintech and Go Digit.
Overall, the cumulative total market capitalisation of the 28 new-age tech stocks stood at $74.79 Bn today.
In the broader market, benchmark indices Sensex fell 1.18% to 78,782.24 and Nifty50 declined 1.27% to 23,995.35. BSE SmallCap index crashed 1.65% to 54,705.02 and BSE Midcap went down 1.31% to 45,679.89.
Vinit Sambre, head of equities, DSP Mutual Fund, pointed out that with this the markets have recently corrected by around 9-10%. Prior to the correction, the Indian markets witnessed a strong upward trajectory due to continuous earnings growth.
“But results for the September quarter have fallen short of expectations, leading to earnings downgrades. This disappointing performance is primarily due to reduced government spending and slow consumption growth. If growth fails to pick up, it could pose further risks to both earnings and market performance,” he said.
Further, he also expects the ongoing volatility in the Indian market caused due to the US elections to ease out soon as the results are upcoming. With this, he believes that the next two quarters will be key in setting the direction for the markets.
Hrishikesh Yedve, AVP of technical and derivatives research at Asit C. Mehta Investment Intermediates, said, “Nifty opened flat and saw severe selling pressure, concluding the day negatively at 23,995. Technically, the Nifty formed a red candle on the daily chart, indicating weakness. However, the index was able to defend its previous support of 23,890 and stabilised near 24,000 levels. As long as it holds above 23,890, a potential pullback could drive it towards 24,200 – 24,300.”
