Stock market-focused online platforms such as Angel One and Motilal Oswal Financial Services extended their losses on Monday, as broader markets continued to fall.
Angel One shares fell 10% to an intraday low of Rs 1,952.25. However, it rallied later and finished at Rs 1,979, down 8.77%. Angel One’s stock fell more than 11% in the recent week.
Shares of another broking firm, Motilal Oswal Financial Services, fell sharply. The financial services company’s shares closed down 1.83 percent at Rs 577. This stock fell roughly 6% in the last week.
The Bombay Stock Exchange (BSE) shares also fell sharply. At the close, the stock was down 5.78 percent to Rs 4,366. BSE shares fell by more than 21% in the recent week.
Aside from that, shares of CAMS and CDSL declined by up to 9% in the recent week. The explanation for this fall is the stock market’s declining volume.
Nithin Kamath, CEO and Co-Founder of Zerodha, announced on Friday that the company is experiencing commercial degrowth for the first time in 15 years.
“Across brokers, there is a more than 30% drop-in activity. “Combined with the true-to-market circular, we are seeing degrowth in the business for the first time since we started 15 years ago,” Kamath said.
In a turbulent trading session characterised by mixed global cues, benchmark Indian market indices closed nearly flat on Monday.
The 30-share Sensex ended at 73,085.94, down 112.16 points, or 0.15 percent. During the intra-day session, the index traded between a high of 73,649.72 and a low of 72,784.54.
The Nifty closed at 22,119.30, down only 5.40 points or 0.02 percent from the previous close. The index peaked at 22,261 throughout the session and fell to about 22,004.
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