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  1. Brokerage shares stage strong comeback, close nearly 6% higher as global cues aid SENSEX, NIFTY rally

Brokerage shares stage strong comeback, close nearly 6% higher as global cues aid SENSEX, NIFTY rally

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4 min read • Updated: March 21, 2024, 5:41 PM

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Brokerage shares saw renewed buyers' interest on Thursday in line with a bullish trend in broader markets after the US Federal Reserve projected three rate cuts this year, maintaining its earlier stance. Most brokerage stocks closed with gains up to 6% in line with a positive broader market.

Brokerage shares stage strong comeback, close nearly 6% higher as global cues aid SENSEX, NIFTY rally
Out of the 11 brokerage stocks reviewed, 10 were trading in green.

Indian benchmark equity indices, SENSEX and NIFTY, surged on Thursday, tracking Asian peers and marking their second consecutive session of gains. The BSE SENSEX rose by 539.5 points, or 0.75%, to settle at 72,641.19, while the NSE NIFTY closed 172.85 points, or 0.79%, higher at 22,011.95. Overall, market sentiments turned bullish after the US Fed maintained its forecast for three rate cuts this year.

Starting on a firm footing, the 30-share SENSEX went on to scale an intraday peak of 72,882.46, climbing over 780 points over its previous close. Similarly, the NSE NIFTY started the day positively and hit the day's high of 22,080.95.

Barring 5Paisa Capital, all brokerages reviewed in today's market wrap clocked moderate to high gains. IIFL Securities surged 5.77%, followed by ICICI Securities (5.24%), Monarch Networth Capital (4.54%), Nuvama Wealth Management (2.47%) and Dolat Algotech (2.34%).

Here's a look at the performance of the shares of major brokerage firms.

Angel One

Angel One stock closed higher for the second session in a row today, logging 0.67% gains to settle at ₹2,609 apiece on the NSE. The brokerage stock started well and reached its intraday high of ₹2,669 per share before giving up some gains.

ICICI Securities

Shares of ICICI Securities zoomed 5.24% to close at ₹762 apiece on the NSE, rising for the second day. The brokerage's shares opened marginally higher but gained strength as the trade advanced. It hit its intraday high of ₹769.1 apiece.

Motilal Oswal Financial Services

Motilal Oswal Financial Services shares closed 2.15% higher at ₹1,615 apiece on the NSE. Opening on a high note, the brokerage's shares climbed to a high of ₹1,654.9 apiece before surrendering some gains.

Anand Rathi Wealth

Anand Rathi Wealth stock returned to an upward trend on Thursday after a day's hiatus. The stock rose 0.66% to close at ₹3,626.75 apiece. The scrip opened marginally up and gained more strength to hit the day's high of ₹3,711.85 per share.

SMC Global Securities

SMC Global Securities shares closed higher by 1.30% at ₹121 apiece on the NSE. During the session, the brokerage's stock started flat and hit the day's high of ₹122.40.

5Paisa Capital

5Paisa Capital shares closed lower, extending the losses for the third day in a row on Thursday. The stock closed 1.04% lower at ₹489.25 apiece. Starting on a firm note, the stock reached its day's low of ₹485.05 intraday.

IIFL Securities Ltd

IIFL Securities shares snapped their four-day losing streak, with 5.77% gains to end at ₹115.45 apiece on the NSE. Intraday, the stock climbed to hit a high of ₹117.85 apiece.

Dolat Algotech

Dolat Algotech shares advanced 2.34% to close at ₹70.05 on the NSE. The stock opened on the positive side and rallied further to hit an intraday peak of ₹71.4 before making a slight correction.

Geojit Financial Services

Shares of Geojit Financial Services Ltd snapped their four-session losing streak, closing 2.22% higher at ₹64.6 apiece on the NSE. Starting higher, the brokerage's shares hit a high of ₹65 and a low of ₹63.75 during the session.

Nuvama Wealth Management

Shares of Nuvama Wealth Management Ltd stock ended higher for the second day on the NSE, settling 2.47% higher at ₹4,240 apiece on the NSE. Intraday, the stock hit a high of ₹4,297 before easing some gains.

Monarch Networth Capital

Shares of Monarch Networth Capital ended in the green for the first time in the past four sessions on Thursday. The stock surged 4.54% to close at ₹541.95 apiece. The brokerage shares opened on a high note and strengthened further to climb to an intraday peak of ₹542.5 per piece.