National Stock Exchange Ltd (NSE), which made its much-awaited stock-market debut on Thursday, contributed well over two-fifths of rival BSE’s cash turnover, indicating a Day 1 trading frenzy in the scrip on Asia’s oldest equity bourse.
The NSE stock notched up a turnover of ₹9,483.28 crore, which was 46% of BSE’s total equity cash turnover of ₹20,672.36 crore, showed exchange data. It was the top traded stock by turnover.
TheBSE’s overall turnover on Thursday was more than twice its average daily cash turnover of ₹10,117 crore so far this fiscal year, thanks to the NSE listing.
This will help BSE marginally increase its cash market turnover share from about 7% currently, according to market analysts. Indian regulations don’t allow a stock exchange to be listed on its own platform.
Marginal boost
“For the first few days, there will be a pop in BSE’s overall turnover as this has been the most-awaited public listing, but after that, it will be back to normal. I expect only a marginal increase in BSE cash market share,” said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services.
Amit Chandra, vice president at HDFC Securities, agreed. “The needle will move up by 1-2% in terms of equity cash market share after the listing euphoria dies down.”
For instance, exchange data showed that BSE had a 7% market share in equity cash in 2025-26. This will increase to around 8.29% if NSE chips in about 20% to BSE’s average daily turnover.
The stock notched a delivery volume of 48.78% on BSE—that is, 25.1 million shares actually changed hands out of 51.5 million shares traded.
NSE listed at a slight premium of 0.84% to its initial public offering (IPO) price of ₹1,785 before settling up 1.85% at ₹1,818 on BSE during a volatile trading session, which saw the Sensex close down 1.67%.
Vijayakumar expects the stock to generate good buying interest at current levels.
Macquarie Equity Research has a 12-month price target of ₹1,965, denoting a 10% upside from the IPO price of ₹1,785.
“Our target price of ₹1,965 is based on 32.5x FY29E PER (estimated price to earnings ratio) justified by opportunities in India’s financialization journey and NSE’s positioning as a dominant market infra provider,” the foreign research house said.
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