Archive · 24 Sep 2026
NSE Listing Lifts BSE Turnover as Shares Gain Modestly
The National Stock Exchange, or NSE, sold its shares to the public for the first time.
Its shares ended the first day at ₹1,818, which was 2% higher than the IPO price.
Many people traded NSE shares on the Bombay Stock Exchange, or BSE.
This trading helped BSE’s total business more than double that day.
Some analysts said the NSE shares were already priced quite high, so large gains may take time.
Other brokerages were optimistic because NSE has a large market share and strong trading systems.
They expect the company’s earnings and products to support future growth.
NSE leaders called the listing an important moment for India’s capital markets.
Investors will watch whether trading volumes and revenue remain strong after the listing.
National Stock Exchange shares closed 2% above their IPO price at ₹1,818 on Thursday.
Trading in NSE shares generated ₹9,483 crore, nearly 32% of Bombay Stock Exchange’s ₹29,672 crore turnover.
BSE’s total turnover more than doubled from ₹11,229 crore on Wednesday.
NSE raised about ₹22,569 crore through an offer-for-sale IPO priced at ₹1,785 per share.
Macquarie, PL Capital and Asian Markets Securities initiated coverage with Buy or Outperform ratings and targets above the listing price.
- Who
- The National Stock Exchange, its executives, investors, brokerages and the Bombay Stock Exchange.
- What
- NSE shares made their stock-market debut, rising 2% to ₹1,818, while BSE turnover more than doubled.
- When
- Thursday, with the article published on September 24, 2026.
- Where
- On the Bombay Stock Exchange and in India’s capital markets.
- Why
- The NSE listing generated substantial trading activity, while investors assessed the exchange’s earnings prospects, market share and future products.
Cautious View
Bullish View
Valuation and early performance
Cautious View
Ratiraj Tibrewal of Choice Capital Advisors said the IPO was fully priced at about 47 times earnings, leaving limited room for significant listing gains. He said a muted debut says little by itself and that future performance will depend on earnings.
Bullish View
Macquarie, PL Capital and Asian Markets Securities initiated coverage with positive ratings, citing NSE’s market leadership, liquidity, technology and diversified services.
Future growth
Cautious View
Investors are watching whether derivatives volumes can maintain momentum after the Securities Transaction Tax increase and whether NSE can stop losing share in the index-options market.
Bullish View
PL Capital expects NSE revenue and profit after tax to grow by about 11% annually between FY26 and FY29, while Macquarie sees potential for further re-rating if new products accelerate.
IPO structure
Cautious View
Tibrewal noted that the IPO was entirely an offer-for-sale, meaning existing shares were being absorbed rather than the company receiving fresh capital for growth.
Bullish View
The positive broker ratings emphasize NSE’s existing market position, strong liquidity and broad services as advantages that support a premium valuation.
- NSE closing price
- ₹1,818 per share
- IPO price
- ₹1,785 per share
- IPO proceeds
- About ₹22,569 crore
- NSE trading turnover
- ₹9,483 crore
- BSE total turnover
- ₹29,672 crore, compared with ₹11,229 crore the previous day
- NSE index-options revenue contribution
- Nearly 60% of revenue
- Brokerage target prices
- Macquarie: ₹1,965; PL Capital: ₹1,950; Asian Markets Securities: ₹2,170