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Indian Tech Stocks: Mixed Fortunes Amid Market Slump
19 Sep
Summary
- Indian tech stocks show divided investor sentiment this week.
- Zappfresh stock hit a record low after IPO fund usage concerns.
- New-age IPO momentum continues with multiple companies planning listings.
Indian new-age tech stocks experienced a week of divided investor sentiment, contrasting with the broader equity market's ongoing decline. While 30 out of 64 tracked stocks saw gains, 34 faced drops, with Zappfresh being the most significant loser. The company's stock fell to a record low following concerns flagged by CARE Ratings regarding deviations in IPO fund usage. ESDS and Shiprocket also experienced notable declines.
Despite these individual stock performances, the new-age tech IPO momentum remains robust. SEBI's approval for Kuku Technologies and Fibe to launch their IPOs, coupled with RentoMojo's successful market debut, highlights a strong pipeline. PhonePe has also revived its listing plans, suggesting continued activity into 2027.
In broader market news, Indian equities fell for the sixth consecutive week, with the Nifty 50 and Sensex experiencing declines. Persistent foreign investor selling and elevated crude oil prices contributed to the downward pressure. However, midcap and smallcap indices showed relative resilience.
Performance highlights included BlackBuck topping the gainers' chart, while Kissht saw a rise due to its proposed ₹832 Cr preferential fundraise. MobiKwik rebounded as investors evaluated the new UPI MDR framework, with the company viewing it as a positive step for merchant business growth.
