NSE and BSE Shares Take Different Paths After Listing as Investors Weigh Growth and Trading Volumes

Shares of India’s two leading stock exchanges are moving in different directions, barely two weeks after the National Stock Exchange made its long-awaited stock market debut.

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NSE shares have slipped below both their IPO and listing prices, while BSE has gained over the past week. The contrasting moves have put the two exchange stocks in focus as investors weigh NSE’s dominant position against BSE’s growing presence in the derivatives market.

On Tuesday, October 6, NSE shares recovered 2% to ₹1,760. Even after the gain, the stock remained 1.4% below its IPO price of ₹1,785 and 2.2% below its listing price.

BSE had a stronger session, rising 3.5% to ₹3,292.30. The stock has gained nearly 2% over the past week.

NSE Slips Below IPO Price After Muted Debut

NSE made its stock market debut on September 24 after completing its IPO earlier that month.

Since an exchange cannot list on itself, NSE shares are traded exclusively on BSE.

The stock listed at ₹1,800, just ₹25 above its ₹1,785 issue price. That translated into a modest listing premium of around 0.8%.

The shares have since lost some ground, falling around 1.4% over the past week.

BSE has taken a different route. Although its shares are down more than 4% over the past month and over 14% in three months, they have gained more than 9% in six months and 47% over the past year.

Since NSE listed, however, BSE shares are up only around 0.6%.

Brokerages Remain Positive on NSE

NSE’s subdued start has not stopped brokerages from taking a positive longer-term view of the exchange.

PL initiated coverage with an ‘Accumulate’ rating and a target price of ₹1,950.

The brokerage pointed to NSE’s commanding presence across key parts of India’s capital market. The exchange has around 93% of the cash-market segment and close to 100% of stock and index futures in FY27 so far. 

Its position in index options has been less steady, with market share declining to around 65%.

PL expects NSE’s revenue growth to moderate after the strong expansion seen over the previous five years. It forecasts revenue to grow at an 11% compound annual rate between FY26 and FY29, compared with 25% between FY21 and FY26.

Macquarie has also started coverage on NSE with an ‘Outperform’ rating and a target price of ₹1,965.

The brokerage highlighted NSE’s market position, technology infrastructure, liquidity and broad range of services as factors supporting its outlook.

BSE Draws Mixed Views From Analysts

The outlook for BSE is more divided.

Macquarie has an ‘Outperform’ rating on the stock with a ₹4,000 target price. It sees BSE’s push into index options as helping the exchange emerge as a stronger challenger to NSE.

The brokerage believes further market-share gains could support revenue and margin growth.

Nuvama Institutional Equities, however, has become more cautious.

The brokerage downgraded BSE to ‘Hold’ from ‘Buy’ and cut its target price by 21% to ₹3,240.

Its concerns centre on weakening trading activity. BSE’s average daily premium traded volume has fallen to ₹18,100 crore, its lowest since January 2025.

Nuvama also reduced its earnings-per-share estimates by 6.3% for FY27 and 15% for FY28.

Different Strengths, Different Concerns

The first few weeks of NSE’s life as a listed company have therefore created an unusual comparison for investors.

NSE enters the market with a dominant position across several trading segments and strong profitability, but its declining share in index options and the impact of regulatory changes remain areas to watch.

BSE has been building its presence in index options and has delivered a stronger share-price performance over the past week. At the same time, falling trading volumes have prompted some analysts to temper their expectations.

For now, the market is treating the two exchanges differently. NSE’s stock has yet to move decisively above its IPO price, while BSE has found some momentum after a difficult three-month stretch. How trading activity and market share evolve from here could determine whether that gap persists.