Brokerage stocks tank up to 13% as SENSEX, NIFTY end in deep red amid intense sell-off
Upstox
4 min read • Updated: March 13, 2024, 5:59 PM
Summary
Shares of brokerage firms continued to experience sell-offs on Wednesday, mirroring the broader market downturn where key indices suffered significant declines. Barring ICICI Securities, most of the brokerage shares closed in the red.
Domestic equity benchmark indices SENSEX and NIFTY on Wednesday tanked over 1% due to widespread selling by investors amid concerns over a rise in the United States bond yields. SENSEX settled 906.07 points, or 1.23%, lower at 72,761.89 while NIFTY50 closed at 21,997.7, down 338 points, or 1.51%.
SENSEX saw a gap-up opening but lost momentum as the morning deals progressed. Intraday, the 30-share index nosedived by over 1,500 points from the day's peak to reach 72,515.71. Similarly, the broader NIFTY opened higher and touched the day's high at 22,446.75 before plunging to a low of 21,905.65. Intraday, the index dropped over 540 points from the day's peak.
In tandem with the broader markets, shares of brokerage firms too witnessed heavy sell-offs today leading to a sharp decline. Among the top losers were leading players like Dolat Algotech (13%), Monarch Networth Capital (10%), Geojit Financial Services Ltd (7.81%), Motilal Oswal Financial Services (7.96%) and IIFL Securities (7.7%).
Barring ICICI Securities, all brokerage shares analysed here closed in the red.
In today's market wrap, let’s take a look at the performance of the shares of major brokerage firms.
Angel One
Angel One shares tanked over 4.36% to close at ₹2,416 apiece on the NSE today, logging the sixth straight session of losses. The brokerage's shares began on a positive note but were caught in volatility as the day progressed. The stock oscillated between a high of ₹2,560.7 and a low of ₹2,335.4.
ICICI Securities
Shares of ICICI Securities Ltd ended marginally higher at ₹755, up 0.19% today. The stock opened slightly lower but went on to hit the day's high of ₹769 before easing most of its gains.
Motilal Oswal Financial Services
Motilal Oswal Financial Services shares plummeted 7.96% to close at ₹1,400 on the NSE. The stock logged its fifth loss in the last six sessions. The stock opened flat but gained momentum in the late morning deals. It came under heavy selling pressure later and tanked to a day's low of 1,387.10.
Anand Rathi Wealth Limited
Anand Rathi Wealth shares declined 3.05% to end the day at ₹3,802.6 apiece on the NSE. The stock opened lower at ₹3,884.5 and tanked further to hit the day's low of ₹3,650 before reclaiming some of its lost ground.
SMC Global Securities Limited
SMC Global Securities shares slumped 5.87% to close at ₹111.5 apiece on the NSE. The brokerage's shares opened almost flat and went on to hit the day's low of ₹109.8 apiece.
5Paisa Capital Ltd
5Paisa Capital shares dived 7.75% to end the session at ₹470 on the NSE. The stock opened marginally higher but failed to maintain that momentum. Intraday, the stock hit a high of ₹515.45 apiece.
IIFL Securities Ltd
IIFL Securities shares tanked 7.70% to end at ₹115.05 apiece on the NSE. Starting off on a flat note, the stock swung between a low of ₹114.20 and a high of ₹125.75 during the day.
Dolat Algotech Ltd
Shares of Dolat Algotech crashed over 13.03% to settle the day at ₹61.75 apiece on the NSE. Despite opening marginally higher, the brokerage's stock failed to keep weak sentiments away and touched the day's low of ₹59.25. The stock suffered its fourth straight session of losses on Wednesday.
Geojit Financial Services Ltd
Shares of Geojit Financial Services Ltd plunged 7.81% to close at ₹62 apiece on the NSE. Intraday, the stock swung between a low of ₹61.2 and a high of ₹69.05 apiece.
Nuvama Wealth Management Ltd
Shares of Nuvama Wealth Management Ltd ended 1.38% lower at ₹3,798 apiece on the NSE. This was the fifth straight session of losses for the brokerage. Intraday, its shares hit the lowest level at ₹3,760.8.
Monarch Networth Capital
Shares of Monarch Networth Capital plunged 10.13% to close at ₹509 apiece, despite a robust start of the session. Intraday, the stock hit a high of ₹572.35 and a low of ₹504.2 apiece.