In a challenging week for India's tech stocks, Swiggy dropped over 9%, while BlueStone saw a remarkable rise of nearly 29%, reflecting contrasting fortunes in the sector.
New Delhi, India Jul 25, 2026 ALN: It was a bearish week for India’s new-age tech stocks as renewed geopolitical tensions and a broad-based market selloff weighed on investor sentiment.
Of the 59 new-age tech stocks under coverage, only 16 ended the week in the green, gaining between 0.15% to nearly 29%. Meanwhile, the remaining 43 stocks closed lower, declining anywhere between 0.03% to over 9%.
Swiggy emerged as the week’s biggest loser, tumbling 9.19% to ₹251.40, while Fractal also declined more than 9% to end at ₹787.20.
We have added AI cloud service provider E2E Networks to our weekly new-age tech stocks coverage from this week.
Quarterly earnings remained the biggest stock-specific trigger during the week, with investors rewarding strong performers while punishing weaker results and cautious outlooks.
Go Digit, for instance, declined 8.95% to ₹256.50 after reporting a sharp fall in its Q1 FY27 net profit. Investor sentiment around Paytm, Eternal, Turtlemint (Q4 FY26), and IndiaMART Intermesh also remained largely dictated by their respective quarterly disclosures.
Here’s a look at the key headline numbers from the Q1 earnings season this week:
With that, let’s take a look at broader market trends.
Indian equity markets ended the week on a weak note as benchmark indices extended their losing streak, weighed down by a sharp spike in crude oil prices, escalating tensions in West Asia, and persistent foreign institutional investor (FII) outflows.
Investor sentiment deteriorated as Brent crude breached the $100-per-barrel mark following the escalation of the US-Iran conflict and disruptions in the Strait of Hormuz, raising concerns over imported inflation and pressure on corporate margins.
Consequently, the Sensex fell 2.68% to close at 76,059.77, while the Nifty declined 2.33% to settle at 23,767.45.
Despite the broader risk-off environment, domestic macroeconomic indicators offered some relief. Private sector activity remained in expansion territory, with the composite PMI coming in at 54.3, while India’s foreign exchange reserves rose to $675.16 Bn.
Stock-specific buying also emerged in the auto and FMCG sectors, with Bajaj Auto and TVS Motor outperforming following strong quarterly earnings.
From a technical standpoint, the Nifty has broken below its 23,800-24,400 consolidation range and is now trading below key moving averages, with immediate support placed near the 23,600 level.
Going ahead, investors will closely track the US Federal Reserve’s policy decision, movements in crude oil prices, domestic macroeconomic data, including June IIP and fiscal deficit numbers, and the ongoing Q1 FY27 earnings season.
Now, let’s take a closer look at this week’s biggest gainer and biggest loser.
BlueStone emerged as the week’s standout performer, with its shares rallying nearly 29%. The omnichannel jewellery brand started the week trading around the ₹600-610 mark before witnessing sustained buying interest, eventually touching a high of ₹792.30 and closing the week at ₹772.40.
Investors cheered the company’s strong Q1 FY27 performance. BlueStone remained profitable during the quarter, reporting a consolidated net profit of ₹5.9 Cr against a loss of ₹34.7 Cr a year earlier. Operating revenue also surged 50% YoY and 8% sequentially to ₹736.8 Cr.
Management commentary pointing to robust domestic demand, continued retail expansion, and healthy same-store sales growth further boosted investor confidence.
Strong momentum in gold and diamond jewellery sales, coupled with improving margin profiles, also provided fundamental support for the stock’s sharp rerating.
Swiggy ended as the week’s worst-performing new-age tech stock, with its shares declining 9.19% to ₹251.40.
The selloff came after the foodtech major approved a proposal to cap foreign ownership at 49.5% in a bid to qualify as an Indian-owned and controlled company (IOCC).
While strategically important for the company, the move sparked concerns that Swiggy could be excluded from global benchmark indices such as the MSCI Standard Index and FTSE, potentially triggering sizable passive fund outflows.
According to Nuvama Alternative & Quantitative Research, Swiggy could see passive outflows of nearly $460 Mn if its foreign ownership limit is reduced to 49.5%, resulting in its removal from major global indices.
Investor sentiment was further dented by Flipkart’s plan to foray into the food delivery business, intensifying competition in a market currently dominated by Swiggy and Eternal-owned Zomato. Continued concerns around margin pressure in Swiggy’s quick commerce business, Instamart, also weighed on the stock.
Edited by Vinaykumar Rai
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