“New Age Tech Stocks Wrap Up 2024 With Mixed Results; MobiKwik Emerges As Top Gainer”
After witnessing a 5% decline in the previous week, the Indian equity market experienced slight recovery during the last week of 2024. However, it was a mixed bag for new-age technology stocks, with some showing notable gains and others underperforming.
Tech Stock Update
Among the 31 newly listed tech stocks, 18 recorded gains ranging from 0.06% to nearly 19% over the week. This indicates a cautious yet optimistic sentiment among investors towards the emerging tech sector.
One of the standout performers was MobiKwik, a leading fintech company that recently debuted on the stock exchange. During its first full week of trading, MobiKwik's shares surged over 18%, closing at ₹628.55. This marked the highest growth among its peers and underscored strong investor confidence in the company’s potential for innovation and profitability.
MobiKwik Share Update
The rise in MobiKwik’s shares can be attributed to its robust business model, expanding customer base, and positive industry trends in digital payments. As India continues to embrace digital transformation, companies like MobiKwik are poised to benefit significantly.
While the broader market recovery offers some respite, the performance of new-age technology stocks reflects a selective approach by investors. With the tech sector becoming increasingly competitive, companies with strong fundamentals and growth potential are likely to lead the way.
Upcoming 2025 Year
As the market moves into 2025, the focus will remain on macroeconomic indicators, global trends, and sector-specific developments that could impact investor sentiment.
Meanwhile, NSE SME-listed TAC Infosec and BlackBuck continued the momentum of last week. TAC Infosec stock ended the week at an all-time high of Rs 1,277.65. This is a rise of 8.24% from last week.
5% Decline
After witnessing a 5% decline in the previous week, the Indian equity market has experienced a few percentage points recovery during the last week of 2024. But it was a mixed bag for the new age tech stocks and this is a big update.