Brokerage shares surge up to 16% as heavy buying propels broader market rally

Shares of brokerage houses were in high demand, skyrocketing as much as 16% on Wednesday, March 27, amid renewed buying interest in the broader markets. Indian benchmark equity indices SENSEX and NIFTY soared by up to 0.73%.

The 30-share BSE SENSEX opened higher and soon recaptured the key 73,000 level during the intraday trade. The index rose over 668 points during the session to mark its intraday high of 73,139. After easing some of its gains, the BSE gauge settled the day 526 points or 0.73% higher at 72,996.31.

Likewise, the NSE NIFTY opened with significant gains and touched the day's high of 22,194 before settling at 22,123.65, up 118.95 points or 0.54%.

Most of the brokerage firms— except for Monarch Networth Capital, Dolat Algotech and Geojit Financial Services – closed with moderate to heavy gains in line with broader markets. Leading gainers among brokerage stocks were Nuvama Wealth Management, which surged 15.78%, followed by Angel One, which rose 9.66%.

Other major gainers included 5Paisa Capital, IIFL Securities Ltd, Anand Rathi Wealth, SMC Global Securities and Motilal Oswal Financial Services.

In today's market wrap, here's a look at the performance of the shares of major brokerage firms.

Nuvama Wealth Management

Nuvama Wealth Management Ltd stock surged 15.78% to close at ₹4,754 apiece on the NSE on Wednesday. The stock opened strongly in the morning, reaching the day's high of ₹4,849 apiece.

Angel One

Angel One shares continued their strong rally for the fifth straight session on March 27, with the stock zooming 9.66% to close at ₹2,985 apiece on the NSE. Starting flat, the stock gathered momentum as the trade progressed and touched the day's high of ₹2,999.

5Paisa Capital

5Paisa Capital stock surged 3.34% to close at ₹491.95 on the NSE today. The stock started the day flat and hit the day's low at ₹474 before retracing gains. The brokerage's shares marked the day's peak of ₹495 apiece.

IIFL Securities

IIFL Securities shares rose 3.31% to close at ₹117 per piece on the NSE. The stock opened on a flat note but rebounded as the day progressed. The stock touched the day's high of ₹124.6 apiece.

SMC Global Securities

SMC Global Securities stock ended 1.65% higher at ₹122.95 apiece on the NSE. The stock opened on a firm footing and went on to mark the day's high at ₹127.2 per share before surrendering some gains.

Anand Rathi Wealth

Anand Rathi Wealth shares ended 1.34% up at ₹3,631 apiece on the NSE today. The stock opened higher and notched up more gains to scale a peak of ₹3,662 intraday.

Motilal Oswal Financial Services

Motilal Oswal Financial Services shares closed 0.79% higher at ₹1,680. After opening gap up, the stock marked the day's high of ₹1,694 before easing some gains. Intraday, the scrip fell to a low of ₹1,652.45 apiece on the NSE.

ICICI Securities

ICICI Securities shares closed in the green on Wednesday after two days of fall. The stock ended 0.34% higher at ₹740.55 apiece on the NSE. The stock, after opening weaker, plunged to a low of ₹734.25 per share before staging a good recovery.

Geojit Financial Services

Shares of Geojit Financial Services Ltd closed 0.39% lower at ₹64 apiece on the NSE. Starting on a flat note, the brokerage stock swung between a high of ₹66.5 and a low of ₹64 apiece during the day.

Dolat Algotech

Dolat Algotech shares fell 1.46% to settle the day at ₹67.4 apiece on the NSE. The stock started on a positive note but failed to maintain the momentum during the session. The stock hit an intraday low of ₹65.85 on the NSE.

Monarch Networth Capital

Shares of Monarch Networth Capital fell for the second consecutive day today, closing 2.27% down at ₹521.5 apiece on the NSE. The stock opened on a higher note and went on to mark day's high at ₹548.35 per share before giving up gains.