New-Age Tech Stocks Shine In A Bearish Market, CarTrade Biggest Gainer This Week
A majority of new-age tech stocks under Inc42’s coverage ended the week in the green, with shares of 22 companies gaining in a range of 0.02% to nearly 12%
The Indian equity market ended lower this week amid the start of the Q1 earnings season, with both Sensex and Nifty 50 declined 1.2% to end the week at 82,500.47 and 25,149.85, respectively
Buoyed by positive brokerage reports, shares of CarTrade gained the most this week, zooming about 12% to end the week at INR 1,898.35
New-age tech stocks defied the bearish sentiment in the broader Indian equity market this week. A majority of new-age tech stocks under Inc42’s coverage ended the week in the green, with shares of 22 companies gaining in a range of 0.02% to nearly 12%.
Buoyed by positive brokerage reports, shares of CarTrade gained the most this week. The stock zoomed 11.74% to end the week at INR 1,898.35. Earlier in the week, Axis Securities gave the company’s shares a target price of INR 1,955. In a note, the brokerage said that the daily, weekly and monthly strength indicator, RSI, is in favourable territory, indicating rising strength across all time frames.
Meanwhile, Delhivery’s shares continued their momentum this week, gaining 5.39% to end the week at INR 415.25. The stock has been on an upward trajectory since the announcement of Delhivery’s acquisition of Ecom Express on April 5 (Saturday). The company’s shares have rallied 58% since April 4.
Other gainers this week included Eternal, Paytm, Fino Payments Bank, RateGain, MobiKwik, among others. Notably, shares of EaseMyTrip ended the week flat at INR 10.40, close to its 52-week low of INR 10.33.
Meanwhile, shares of 11 new-age tech companies declined in a range of 0.37% to over 12%. NSE Emerge-listed TAC Infosec was the biggest loser this week, with its shares crashing 12.10% to end the week at INR 956.50. During the week, the company said it has set up a new subsidiary in Canada and received CREST Penetration Testing Licence for the third consecutive year.
EV major Ola Electric’s shares continued to touch new lows. After touching an all-time low of INR 39.67 on Friday (July 11), the stock recovered slightly to end the week at INR 39.82. With this, Ola Electric’s shares have tumbled 47.60% from their listing price of INR 75.99. The company is set to release its Q1 financial numbers on Monday (July 14).
Overall, the market capitalisation of the 34 new-age tech companies ended the week slightly higher at $91.46 Bn as against $90.5 Bn at the end of last week.
Smartworks is expected to be the latest addition to this list next week as the company’s shares are expected to list on the stock exchanges on July 17.
Global Uncertainties Weigh On Broader Market
The Indian equity market ended lower this week amid the start of the Q1 earnings season. Both Sensex and Nifty 50 declined 1.2% to end the week at 82,500.47 and 25,149.85, respectively.
The negative sentiment was due to uncertainties around US tariffs and a disappointing start to the earnings season.
This marked the second consecutive week of bearish sentiment amid the delay in finalisation of the India-US trade deal and Donald Trump administration’s move to announce tariffs on some countries.
“Broader indices slipped into negative territory due to a lack of triggers to sustain current premium valuations and uninspiring results from TCS, a key IT bellwether, which raised concerns over FY26 earnings estimates. As Q1 FY26 earnings unfold, investors are closely monitoring guidance on margins and sector dynamics. Upcoming economic data releases, including inflation figures from the US and India and China’s GDP numbers, are expected to draw investor attention,” Geojit Investments’ research head Vinod Nair noted.
Religare Broking’s research SVP Ajit Mishra said that the bearish sentiment has pushed the Nifty 50 below the 20-day EMA. It has entered the previous consolidation range of 24,500–25,200.
“This breakdown has disrupted the positive bias, potentially leading to extended consolidation. On the downside, the 24,500–24,900 zone will act as a key support area, while on the upside, 25,550 remains a critical hurdle in the event of a rebound, with major resistance at 25,750,” he added.
Now, let’s take a closer look at the performance of Nykaa and Tracxn this week on the bourses.
Investors Cheer Nykaa’s Q1 Projections
Shares of Nykaa gained 9.66% to end the week at INR 217.15 apiece after the BPC major provided its Q1 update. The company said that FY26 started on a “good note” and it expects its revenue growth to be “at the lower end of mid-twenties”. Gross merchandise value (GMV) growth is projected to cross mid-twenties.
“The strong growth came on the back of solid performance across all businesses including ecommerce platform, retail stores, eB2B distribution and the House of Nykaa portfolio. House of Nykaa brands continued its accelerated growth trajectory with strong performance of home-grown as well as acquired brands,” Nykaa said.
In a note on the update, brokerage firm JM Financial said that the announcement was broadly on expected lines. On the growth of the company’s fashion vertical, JM Financial said it expects the segment to deliver GMV growth in mid-twenties, indicating a strong improvement over the previous quarters.
“If the growth momentum sustains, we can expect fashion to breakeven in FY26, as suggested by the management. Overall, we anticipate Nykaa to deliver 24% YoY revenue growth. Contribution margin in core BPC is, however, expected to decline 30 basis points YoY with overall contribution profit expected to rise 23%,” the brokerage noted.
Tracxn’s Buyback Triggers Investor Optimism
After a consistent downfall in share prices since it declared its Q4 FY25 numbers, Tracxn saw a renewal in investor interest this week. Triggered by the progress in its share buyback plan, the market intelligence company’s shares gained 4.84% to end the week at INR 60.84.
On July 10, the company said that its shareholders approved the proposal to buyback up to
11.4 Lakh fully paid-up equity shares of the company at a price of INR 70, totalling about INR 8 Cr. This price marks a 13% premium to the stock’s closing price on Friday.
The quantum of the buyback represents a little over 1% of the total 10.71 Cr outstanding equity shares of the company at the end of March 2025.
The company has set July 18 as the record date for determining the eligibility of shareholders for participation in the buyback offer.
On the financial front, Tracxn slipped into the red in Q4 FY25, reporting a net loss of INR 7.6 Cr as against a profit of INR 1.4 Cr in the year-ago period. Operating revenue rose a mere 3.9% to INR 21.1 Cr during the quarter under review from INR 20.3 Cr in Q4 FY24.