Brokerage stocks tumble as SENSEX, NIFTY drop 1% each on broad selloff
Upstox
4 min read • Updated: March 19, 2024, 5:35 PM
Summary
Brokerage shares felt the heat of broader market turmoil on Tuesday, March 19, with leading players like 5Paisa Capital, Nuvama Wealth Management, Monarch Networth Capital, Angel One and IIFL Securities Ltd emerging as prominent losers.
Indian benchmark equity indices SENSEX and NIFTY slumped over 1% on Tuesday amid broad selloff. Investors remained cautious due to the absence of any major positive triggers ahead of the US Federal Reserve's interest rate decision expected to be out on Wednesday, March 20.
The BSE SENSEX plunged 736.37 points, or 1.01%, to close at 72,012.05 on Tuesday. Intraday, the index traded remained range bound and briefly slipped below the psychological 72,000 level towards the fag-end of the session.
Similarly, the NSE NIFTY dropped 238.25 points, or 1.08%, to end the day at 21,817.45. The NSE gauge opened below the key 22,000 mark and remained under that level throughout the session.
In tandem with the broader market selloff, shares of most brokerages tumbled. Of the 11 brokerage stocks reviewed, nine closed in the red.
Barring Motilal Oswal Financial Services and Anand Rathi Wealth Limited, all brokerage shares logged losses.
Among the major losers were 5Paisa Capital Ltd, Nuvama Wealth Management Ltd, Monarch Networth Capital, Angel One and IIFL Securities, which dropped up to 3.52% on the NSE.
In today's market wrap, let's take a look at the performance of the shares of major brokerage firms.
Angel One
Angel One stock fell for the third straight day on Tuesday. The stock closed 2.21% lower at ₹2,480.1 apiece on the NSE. The brokerage firm's shares opened the session on a flat note and hit a low of ₹2,456.5 during the intraday trade.
ICICI Securities
Shares of ICICI Securities Ltd logged their seventh consecutive loss on Tuesday, closing 1.23% lower at ₹713 on the NSE. The brokerage's shares opened flat and plunged to a low of ₹711.7 apiece towards the end before recovering some lost ground.
Motilal Oswal Financial Services
Motilal Oswal Financial Services stock snapped its two-day losing streak on Tuesday. The stock closed 2.74% higher at ₹1,499.7 per share on the NSE. After opening marginally higher, the brokerage stock went on to touch a high of ₹1,510 apiece during the session.
Anand Rathi Wealth
Anand Rathi Wealth stock rose for the second straight day on Tuesday, ending 0.63% higher at ₹3,636.7 apiece. The stock opened flat but soon gathered steam to hit the day's high of ₹3,684.95. However, it lost momentum later and hit the day's low at ₹3,597 before making a recovery.
SMC Global Securities
SMC Global Securities shares ended lower on Tuesday, breaking their three-day winning run. The shares closed 1.13% lower at ₹118.1 apiece on the NSE. Shares of the brokerage firm started flat and moved between a low of ₹118.05 and a high of ₹121.15 per piece.
5Paisa Capital
5Paisa Capital shares snapped their three-day winning streak on Tuesday, closing 3.52% lower at ₹495.7 apiece on the NSE. The stock started positively and reached its day's high of ₹519.6 apiece before surrendering gains.
IIFL Securities
IIFL Securities shares slipped 1.78% to settle at ₹110.1 on the NSE, clocking their third consecutive loss. Starting on a flat note, the stock touched the day's low of ₹109.9 and a high of ₹114.5 per share.
Dolat Algotech
Dolat Algotech shares fell 1.51% to close at ₹68.3 on the NSE on Tuesday. The stock started weakly and went down further to touch the day's low of ₹68. It briefly traded in the positive terrain by touching the day's high of ₹70 on the exchange.
Geojit Financial Services
Shares of Geojit Financial Services Ltd shares fell 1.7% to close at ₹63.5 apiece on the NSE. Starting on a flat note, the brokerage's shares swung between a high of ₹65 and a low of ₹62 on the bourse.
Nuvama Wealth Management
Shares of Nuvama Wealth Management Ltd stock fell for the second straight day on Tuesday. The shares closed 2.46% down at ₹4,035 apiece on the NSE. Intraday, the stock hit a high of ₹4,188.05 and fell to a low of ₹3,949.35.
Monarch Networth Capital
Shares of Monarch Networth Capital were down for the second straight day on Tuesday, closing 2.41% lower at ₹518 apiece on the NSE. The brokerage stock opened significantly lower but traded higher in the afternoon session, reaching a high of ₹536.95 per share before easing the gains.