New-Age Tech Stocks Rise This Week As Bulls Take Charge

0
103

The Indian stock market ended the financial year 2022-23 on a positive note, with nine out of the 14 new-age tech stocks under Inc42’s coverage gaining this week. PB Fintech was the biggest winner, with its shares surging 10.4% on the BSE. Other listed tech startups, including EaseMyTrip, Paytm, Delhivery, Nazara Technologies, and Zomato, also gained in the range of 0.6% to over 7% this week. However, shares of beauty ecommerce major Nykaa slumped 10.7% following multiple top-level resignations at the startup last week. In the broader equity market, Sensex rose 2.5% to 58,991.52 this week while Nifty50 rose 2.4% to 17,359.75. Analysts are of the opinion that volatility will continue in the market, with markets focusing on inflation numbers across key economies and related actions of the central banks. The Q4 results of companies in the coming weeks will also play a role in shaping the market sentiment.

It seems like PB Fintech has been performing well in the Indian stock market recently and has been one of the top 20 gainers in the Nifty 500 index over the last one month. Anand Rathi’s Dongre has suggested that it may be a good time to book profit, but holding and buying on dips could be a good strategy for the stock. He has also provided a stop loss for the stock at around INR 540 and a target of INR 700. It is important to note that stock market investments carry risks and investors should always do their own research and analysis before making any investment decisions.