New Age Tech Stocks See Major Gains as TAC Infosec Shines This Week

The Surge of New Age Tech Stocks

This week marked a significant rise for new age tech stocks, propelled by a rally in the broader market owing to positive global indicators. Eighteen out of the 28 new-age companies monitored by Inc42 demonstrated impressive growth, with fluctuations between 0.38% and close to 35% gains.

TAC Infosec: The Top Gainer

TAC Infosec, a cybersecurity startup listed on NSE Emerge, emerged as the most notable gainer. Its stocks skyrocketed by 34.42%, closing at an all-time high of INR 773.90. Other notable gainers included the recently listed SaaS company Unicommerce, coworking giant Awfis, and Mamaearth parent Honasa Consumer.

Market Highlights

• Nykaa reached a fresh 52-week peak, trading at INR 229.90, and concluded the week with a 16.99% increase.
• The Sensex experienced a growth of 0.8%, closing the week at 81,086.21, while Nifty 50 climbed by 1.1% to settle at 24,823.15.

However, it wasn't all positive; 10 new-age tech stocks observed losses ranging from 0.20% to nearly 5%. Notably, Ola Electric, last week's top performer, ended the week at INR 126.21, dropping by 4.93%.

Global Drivers for Market Movement

Vinod Nair, head of research at Geojit Financial Services, attributed the market's upswing to several global factors, including reduced risk of recession in the US, ongoing ceasefire discussions in the Middle East, and falling crude oil prices.