This week marked a notable recovery for new-age tech stocks, which had faced significant selling pressure recently in both the Indian and global markets. Out of 55 companies tracked by Inc42, 34 experienced gains ranging from 0.12% to over 12%.
The total market capitalization of these tech firms increased from $116.64 billion to $119.46 billion by the week's end.
Leading the charge was FirstCry, a retailer focused on children's products, whose shares surged by 12.14%, closing at ₹250.4.
Among other gainers, Lenskart reached a new 52-week high of ₹543.55 before settling at ₹530, reflecting a 6.04% increase from the previous week.
However, not all companies fared well. Ten firms, including Fino Payments Bank and Unicommerce, hit new lows, with 21 companies overall seeing declines between 0.15% and nearly 11%.
Fino Payments Bank was the biggest loser, with its shares dropping 10.77% to ₹150.85. Other stocks that fell include IndiaMART, EaseMyTrip, and TAC Infosec.
In terms of broader market trends, Indian equities experienced volatility throughout the week, ultimately ending nearly flat. The Sensex closed at 74,563.96, while the Nifty 50 dipped 0.1% to 23,114.50.
Initial gains were supported by a partial resumption of vessel movement through the Strait of Hormuz, but escalating geopolitical tensions, particularly following Israel's actions against Iran, drove crude prices back toward recent highs.
Additionally, a weakening rupee and ongoing foreign institutional investor (FII) outflows contributed to market pressures. Analysts expect the upcoming week to be data-sensitive, with global uncertainties continuing to influence market dynamics.
Focusing on FirstCry and Fino Payments Bank, FirstCry's parent company, Brainbees Solutions, saw its stock rally sharply, hitting the upper circuit limit of ₹252.07 amid high trading volumes. The company is expanding its rapid delivery service, Qwik, in select areas to meet rising demand.
Despite the recent rally, FirstCry's shares remain significantly below their IPO price, down nearly 60% due to concerns about profitability and market pressures.
In contrast, Fino Payments Bank faced intense selling after reports of a potential investigation into its online gaming transactions linked to money laundering. The company has denied these allegations, asserting that it is only under investigation by the DGGI's Hyderabad unit.
Following the arrest of its MD & CEO for alleged GST evasion, the bank has appointed an interim head to manage operations while the CEO challenges his arrest in court.
