The striker proved to be in unstoppable form for the league leaders on a day when Andy Little, Lee Wallace, David Templeton and Bilel Mohsni were also on the scoresheet.
Ian Black went straight back into the Rangers starting line-up after serving a suspension for breaching Scottish Football Association gambling rules.
The midfielder was banned for three games - with a further seven matches suspended until the end of the season - after placing bets on football matches, including three occasions when he bet against his own team.
Also back in the side was Lewis Macleod after he recovered from injury, with the home side naming a strong team for the visit of Stenny.
More than 400 servicemen and women were invited to Ibrox for a special Armed Forces Day event.
And the match-day experience began in dramatic circumstances when two Royal Marines abseiled down the Govan Stand ahead of kick-off, before delivering the match ball to the referee.
The Rangers players then kept the excitement levels peaked by grabbing the opener with just two minutes on the clock.
Black - who appeared to still have the backing of the fans - set up Daly to send a header beyond the grasp of goalkeeper Chris Smith.
The forward should have doubled his tally just moments later.
Nicky Law released Little down the left flank and he squared for the onrushing Daly who stabbed just wide from close range.
However, the Irishman did have the net bulging again after 16 minutes.
An attempted clearance by Sean Higgins was diverted by the foot of Wallace into the path of Daly to nod home from a couple of yards.
Sections of the Ibrox support were on their feet again a couple of minutes later for a pre-planned demonstration to take place on the 18th and 72nd minutes of the game.
Chants of "sack the board" rang around the stadium with banners also held aloft in protest at those running the club.
On the park, Stenhousemuir could have been further behind due to a long-range effort from Law but he was denied by Kevin McKinlay's clearance off the line.
Rangers claimed their third of the day after 37 minutes when Smith parried a Mohsni header and another attempted clearance by McKinlay cannoned off Little and over the line.
Law was then denied by the woodwork when his header struck the far post just before the interval.
The visitors could have pulled a goal back shortly after the restart when Darren Smith raced into the box with only the goalkeeper to beat, tried to round Cammy Bell, and fired wide.
It was Rangers who struck again after 51 minutes when Richard Foster punted a long ball into the goalmouth where Daly was waiting at the back post with a diving header to complete his hat-trick.
Little was then denied twice in quick succession, first by the foot of a defender and then by the crossbar.
Goal number five came courtesy of Wallace who collected a cross-field ball from Black and dispatched the shot beyond the keeper with an hour gone.
Daly helped himself to his fourth of the day after 82 minutes, this time meeting Nicky Clark's pass from the left and slotting home.
Substitute Templeton then came off the bench to net with a close-range strike four minutes later and Mohsni completed the rout with a superb overhead kick in injury time.