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New-Age Tech Stocks Rally This Week, Nykaa Emerges As The Biggest Winner

Inc42 · 9m

Nifty50 and Sensex both experienced modest gains, closing at 22,096.75 and 72,831.94 respectively. Thirteen out of nineteen new-age tech stocks covered by Inc42 saw gains, with Nykaa being the top performer. Paytm also saw a strong uptrend, gaining 8.5% on the BSE. Zomato, Yatra, PB Fintech, Delhivery, Nazara, and DroneAcharya were among other gainers. Zaggle was the biggest loser. The market rallied in the last two trading sessions due to no change in interest rates by the US and UK central banks. Siddhartha Khemka of Motilal Oswal expects volatility next week and Vinod Nair of Geojit Financial Services noted concern regarding inflated valuations of mid and small-cap stocks. Zomato's stock rallied amidst the launch of its "Pure Veg Fleet," although the decision to introduce a new delivery fleet designated for vegetarian orders was reversed following backlash. Jefferies included Zomato as one of its "top picks" for the next five years, projecting a 2.5x upside in the company's share price by 2029. PB Fintech announced plans to enter the payment aggregation business through a wholly-owned subsidiary. Nykaa's stock rallied almost 9% after a recent period of muted market performance. HSBC considers Nykaa shares attractive after a 12% drop this year and retains its price target of INR 240 on the stock, implying a 47% upside.