MobiKwik shares surged nearly 25% to ₹245.40 this week, leading gains among new-age tech stocks as benchmark indices ended an eight-week losing streak. PhysicsWallah followed with a 19.68% rise, while Fino Payments Bank, Nykaa, and Eternal also posted gains. The combined market capitalization of 67 tracked companies, including newly listed Snapdeal parent AceVector, reached $154.71 billion, up from $153.61 billion last week, according to inc42.com.
The rally unfolded despite a midweek sell-off, with 36 of the 66 stocks tracked last week rising between 0.1% and nearly 25%, while 30 declined. AceVector debuted on October 5, closing the week at ₹30.61, an 8.16% increase from its BSE listing price but 4.3% below its IPO price. Several companies hit fresh highs, including E2E Networks, Shadowfax, and Zelio E-Mobility, while others like Yudiz and Zappfresh recorded declines.
This uptick in new-age tech shares comes amid positive quarterly business updates from key players. Nykaa projected Q2 FY27 net revenue growth in the high twenties percentage range, and Honasa expects net sales value growth in the low thirties percentage range, both contributing to their stock gains. Aye Finance reported a 26% year-on-year rise in assets under management to ₹7,604 crore, though its shares declined. The sector's mixed performance reflects ongoing investor interest in fintech, e-commerce, and digital services companies.
AceVector's listing on October 5 marked the 67th stock under Inc42’s coverage, with the combined market capitalization of these companies now at $154.71 billion. This milestone highlights the expanding footprint of new-age tech firms in India’s capital markets, as investors respond to earnings updates and market dynamics.