New-age Tech Stocks Rally on Improving Investor Sentiment
Shares of several new-age technology companies in India experienced a significant rally this week, driven by improving investor sentiment. 39 out of 57 tracked companies saw gains above 0.03%, with 11 reaching new 52-week highs.
Shares of several new-age technology companies in India experienced a significant rally this week, driven by an improvement in investor sentiment. Of the 57 companies tracked by Inc42, 39 saw their stock prices rise between 0.03% and nearly 20%.
The gains were broad-based across segments, with 11 companies, including WeWork India, Ather Energy, and ixigo, hitting new 52-week highs over the past five trading sessions. WeWork India and ixigo led the advancers, supported by positive brokerage commentaries.
Other companies that finished the week in positive territory included PhysicsWallah, Groww, and Wakefit. Only 18 new-age tech stocks ended the week lower, with SME-listed Yudiz being the biggest loser, its shares slumping 8.72%.
The cumulative market capitalization of the tracked new-age tech companies reached $139.29 billion by the week's end. The week also saw renewed IPO market activity, with Turtlemint listing on the bourses and Fibe and OYO parent PRISM filing their draft IPO papers.