Amidst the financial technology behemoth Paytm ‘s shares experiencing a staggering 25% decline this week, attributing it to their strategic move to curtail the Postpaid loan sector, the landscape witnessed noteworthy fluctuations.

Tracxn Technologies emerged as the prominent victor, notching up a 3.3% ascent. This achievement persisted despite Elevation Capital’s sizable disposal of more than 15 lakh shares in the company through block deals, amounting to INR 15.09 Cr.

The week concluded on a triumphant note for Sensex and Nifty50, attaining unprecedented peaks. This accomplishment was propelled by the Bharatiya Janata Party’s triumph in assembly elections across three states and the Reserve Bank of India’s optimistic revision of GDP growth projections.

Even as the Indian stock markets scaled new zeniths, contemporary tech stocks oscillated within limited ranges, encountering substantial selling pressure across various counters.

Among the 19 contemporary tech stocks monitored by us, eleven witnessed declines ranging from 0.2% to a substantial 25% during the week, with Paytm suffering the most significant setback.

Other entities such as Nykaa, CarTrade Technologies, PB Fintech, Fino Payments Bank, and Yudiz also experienced declines.

While Zaggle maintained a status quo on a week-on-week basis, merely seven contemporary tech stocks exhibited gains during the period.

Tracxn Technologies, despite Elevation Capital relinquishing over 15.66 lakh shares via block deals totaling INR 15.09 Cr on Friday, emerged as the primary beneficiary, posting a 3.3% surge.

Concurrently, DroneAcharya, Zomato, and IndiaMart each accrued over 3% gains during the week. IdeaForge and Nazara Technologies secured incremental growth, each witnessing over 2% appreciation.

Following Fireside Ventures’ partial divestment in the recently-listed Mamaearth, the direct-to-consumer unicorn experienced marginal upward movement with a mere 0.1% gain on a weekly basis.

In the broader market spectrum, the benchmark indices Sensex and Nifty50 recorded gains in the initial three sessions of the week, fueled by the BJP’s triumph in the Hindi heartland states of Rajasthan, Madhya Pradesh, and Chattisgarh. Although the indices experienced a minor dip on Thursday, they swiftly rebounded, concluding Friday’s trading session at an all-time high.

The final surge in the week’s trading session ensued subsequent to the Reserve Bank of India (RBI) revising its GDP growth forecast for FY24 to 7%.

Cumulatively, Sensex registered a 3.47% upswing, concluding the week at 69,825.6, while Nifty50 observed a parallel 3.5% climb, culminating at 20,969.4.

It is imperative to acknowledge that the RBI opted to maintain the repo rate at an unaltered 6.5%, citing concerns about inflation.

Vinod Nair, the head of research at Geojit Financial Services, elucidated, “Despite the RBI adhering to the status quo in policy, the upgraded GDP growth forecast for FY24 (6.5% to 7%) engendered heightened investor confidence. Initiatives to address the liquidity deficit positively impacted financials, resulting in a 5% surge in Nifty Bank for the week.”

In parallel, Prashanth Tapse, Mehta Equities’ senior VP (research), opined that notwithstanding overbought technical conditions, the market’s short-term technical outlook remains favorably inclined towards the bulls.