Brokerage stocks drop more than 4% despite NIFTY, SENSEX closing at peak
Upstox
4 min read • Updated: March 6, 2024, 6:47 PM
Summary
Brokerage stocks dropped as much as 4.7% on Wednesday. While ICICI Securities and Motilal Oswal Financial Services closed in the red for the second straight day, IIFL Securities extended losing streak for the third day in a row.
Indian equity benchmarks BSE SENSEX and NIFTY50 returned to green on Wednesday after a day's hiatus. Both the key indices hit all-time highs, showing a strong recovery on March 6.
SENSEX closed 409 points, or 0.55%, higher at 74,086, while the NSE barometer NIFTY50 ended 117.75 points, or 0.53%, up at 22,474.
In a volatile trading session on Wednesday, the 30-share SENSEX swung between gains and losses. Intraday, the index oscillated over 785 points, reaching the day's lowest level at 73,321 and the peak at 74,151.
Likewise, the NSE NIFTY50 opened gap down and declined further to reach the day's lowest level of 22,224. However, the index staged a remarkable recovery in the afternoon session, hitting the day's high of 22,497.
After a subdued opening, the broader market remained in the red zone for most of the session but closed at new peaks aided by heavy buying in final hours.
Most of the brokerage firms remained in the negative zone for a major part of the intraday session on Wednesday despite the renewed investor interest pushing the broader market to green territory at close. Leading brokerage stocks dropped as much as 4.7%. While ICICI Securities and Motilal Oswal Financial Services closed in the red for the second straight day, IIFL Securities extended the losing streak for a third day.
In today's market wrap, here's a look at the performance of the shares of major brokerage firms.
Angel One
Angel One shares plunged 4.46% to close at ₹2,754 apiece on the NSE today. The stock opened slightly lower at ₹2,875 apiece from its yesterday's close of ₹2,882.5. Intraday, the stock oscillated between a high of ₹2,877.8 and a low of ₹2,750. Throughout the session, the stock traded in the red.
As per an exchange filing, Angel One has decided to voluntarily cease operations in the currency derivatives segment on the BSE.
ICICI Securities
Shares of ICICI Securities Ltd too closed significantly lower on Wednesday extending losses for the second day in a row. The stock slumped 4.29% to close at ₹789.40 apiece on NSE. During the session, the brokerage firm hit a high of ₹828.9 per share and a low of ₹785 apiece, after a gap-up opening at ₹824.8 from their previous close. For the better part of the session, the stock traded in the red.
Motilal Oswal Financial Services
Motilal Oswal Financial Services closed deep in the red, down 4.28% at ₹1,631 apiece on the NSE, extending the loss for the second straight day. Throughout the session, the stock remained in negative territory, reaching a low of ₹1,606 in intraday trade.
Anand Rathi Wealth Limited
Anand Rathi Wealth shares closed 1.97% lower at ₹3,875 apiece on the NSE. The stock opened slightly higher at ₹3,970.7 apiece but failed to maintain the upward momentum. The brokerage stock hit the day's low at ₹3,825 per share. The stock pared some of its losses towards the fag-end of the day.
SMC Global Securities Limited
SMC Global Securities shares closed 2.55% lower at ₹126.1 apiece on the NSE. Commencing the day on a subdued note, the stock reached the day's low at ₹123.1 apiece. The brokerage's shares traded in the red throughout the day.
5Paisa Capital Ltd
Shares of the brokerage ended 3.49% down at ₹525.95 apiece on the NSE on Wednesday. The stock opened marginally higher but caught in volatility as the day progressed. It fell to a day's low of ₹523 apiece after hitting a peak of ₹547.95.
IIFL Securities Ltd
IIFL Securities shares plunged 4.69% to end the session at ₹127 apiece on the NSE, extending the losing streak for a third straight day. The stock swung between a high of ₹136 and a low of ₹119 during the day.
Dolat Algotech Ltd
Shares of Dolat Algotech closed 2.83% lower at ₹77.25 apiece on the NSE. Shares hit the day's lowest level at ₹75.4 after reaching the day's high of ₹80.6 apiece.
Geojit Financial Services Ltd
Shares of Geojit Financial Services Ltd fell 2.85% to close at ₹71.6 on the NSE. Intraday, the stock touched the day's low of ₹70.45 and a high of ₹73.95 apiece.
Nuvama Wealth Management Ltd
Shares of Nuvama Wealth Management Ltd slumped nearly 4% to settle at ₹4,089 apiece on the NSE on Wednesday. After a gap-down opening, the brokerage's shares hit the day's low of ₹4021.8 a unit. The stock remained in