Market News
4 min read | Updated on March 05, 2024, 20:16 IST
SUMMARY
Most of the brokerage stocks closed in the red on Tuesday. Nuvama Wealth Management was the biggest loser as the stock closed 3.39% lower while 5 Paisa Capital dropped 2.01% at close.
Brokerage stocks ended in the red on Tuesday as the broader market sentiment remained subdued.
Benchmark indices ended Tuesday's trade by settling marginally lower snapping four-day gaining streak. Benchmark NIFTY50 fell nearly 50 points following marginal gains during the day.
NIFTY50 closed at 22,356.05 down by 49.55 points or 0.22%. The BSE SENSEX, showed similar trends, closing at nearly 200 points lower. The SENSEX ended the day's trade at 73,677, down by 195.16 points or 0.26%.
In today's market wrap, we look at how shares of major brokerage firms performed.
After a gap-up opening at ₹2,900 per piece on the NSE on Tuesday, shares of Angel One gained as much as 1.27% to an intraday high of ₹2915.45 apiece. The stock largely traded in green during the day riding a strong growth in client base in the month of February.
Shares of Angel One closed 0.13% higher at ₹2,882.5 apiece on the NSE.
Shares of ICICI Securities Ltd opened higher at ₹844 apiece on the NSE and gained as much as 1.47% to an intraday high of ₹847. However, the stock pared its early gains to close 1.19% lower at ₹824.8 per share on Tuesday.
Motilal Oswal Financial Services gained over 1.3% to ₹1,741.95 in the morning trade on Tuesday. Despite an upbeat start, the shares closed the session in the red at ₹1,705.25 apiece, down by 0.79% on the NSE.
During a recent meeting with analysts, the company management revealed its plans for strategic growth. The brokerage firm is aiming to expand in Tier-II and Tier-III cities for its wealth management division.
The stock opened lower at ₹3,925.55 apiece on the NSE but soon recovered early losses to hit an intraday high of ₹3,964.95. The brokerage stock closed flat at ₹3,952.8 apiece.
The SMC Global Securities shares remained in negative territory after a flat opening on Tuesday. The stock opened flat at ₹129.7 apiece on the NSE and mostly traded in the red during the session to close 0.27% lower at ₹129.4 apiece.
After a gap-down opening on Tuesday, shares of 5Paisa Capital Ltd dropped further 2.27% to hit a low of ₹543.5 apiece on the NSE. Shares of the stock broking firm ended in the red at ₹544.95 apiece, down 2.01%.
IIFL Securities opened at ₹146 per piece on the NSE, down from the previous close of ₹153.35. The stocks struggled amidst the selloff and fell over 12.6% in intraday to close the day at ₹133.25 apiece.
Shares of Dolat Algotech opened flat at ₹76.85 apiece on the NSE. The company's shares remained upbeat, hovering around the day's high of ₹80 per piece. The stock closed at ₹79.75 apiece, up 3.7%.
Shares of Geojit Financial Services Ltd fell over 1.6% to touch the day’s low of ₹73.2 following an upbeat start to the trading session on Tuesday. The stocks recorded some consolidation, closing the day's trade at ₹73.7, marginally down by 1.01%.
Shares of Nuvama Wealth Management Ltd hovered around the previous close of ₹4,405 on the NSE during the morning trade on Tuesday. The stock fell to a low of ₹4,214.35 during the second half of the trading session. Nuvama Wealth Management ended trade down by 3.39% at ₹4,255.55.
Shares of Monarch Networth Capital opened flat at ₹621 and rallied further to an intraday high of ₹628.55 piece on the NSE. However, the stock pared its early gains to close in red at ₹614.55 apiece, down 1.04%.
To sum up, most of the leading brokerage stocks ended in the red on Tuesday as the broader market sentiment remained subdued with both key benchmark indices settling lower.
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