The National Stock Exchange Ltd (NSE) made its much-awaited stock market debut on Thursday, contributing significantly to rival BSE's trading activity. According to exchange data, the NSE stock recorded a turnover of ₹9,483.28 crore, representing 46% of BSE's total equity cash turnover of ₹20,672.36 crore. The stock emerged as the top-traded scrip by turnover on Asia's oldest equity bourse, with BSE's overall turnover on Thursday reaching ₹11,055 crore, marking the third-highest level on record and the highest in 27 months. This surge was driven primarily by trading in NSE shares following their market debut, with BSE's September average daily cash turnover crossing ₹11,000 crore for the first time since March 2017.
The latest surge represents only the third time BSE has recorded turnover at this level in its 160-year history, with previous peaks occurring in March 2017 and June 2024. In March 2017, block deals worth a record ₹2.32 lakh crore took BSE turnover to an all-time high of ₹13,141 crore, while in June 2024, block deals worth ₹1.01 lakh crore pushed turnover to around ₹12,000 crore. Historical data compiled from Bloomberg shows there have been only seven instances when BSE's daily cash turnover crossed the ₹10,000-crore mark, with three occurring in 2024 and another three in 2026. In August this year, block deals worth ₹98,353 crore pushed BSE turnover to ₹10,590 crore.
The NSE listing is expected to provide a marginal boost to BSE's market share in equity cash trading. As reported by market analysts, BSE currently holds approximately 7% market share in equity cash for 2025-26, which is projected to increase to around 8.29% if NSE contributes about 20% to BSE's average daily turnover. According to V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, the euphoria is expected to persist for the initial few days before abating, with only a marginal increase in BSE's cash market share.
The NSE stock demonstrated exceptional trading interest with a delivery volume of 48.78% on BSE, meaning 25.1 million shares actually changed hands out of 51.5 million shares traded. The stock listed at a slight premium of 0.84% to its initial public offering price of ₹1,785 before settling up 1.85% at ₹1,818 during volatile trading conditions that saw the Sensex close down 1.67%. During intraday trading, the stock hit an intraday high of ₹1,878 on BSE, reflecting strong investor interest in the exchange's debut. The stock gained up to 5% on its trading debut, ending 1.9% higher at ₹1,818 after a muted listing performance. With four trading days still left in September, this represents only the third time BSE has recorded turnover at this level.
The NSE IPO attracted considerable investor demand with 5.71 times oversubscription during the September 17-21 bidding period. The issue received bids worth around ₹90,287.33 crore against the issue size of ₹22,561.57 crore, entirely through an offer for sale of up to 12.64 crore shares by existing shareholders. The IPO was priced at ₹1,785 per share with the stock listing at ₹1,800, translating to a 0.84% premium over the issue price. The exchange's valuation reflects its dominant position in India's financial markets, with the IPO valued at around ₹4.4 lakh crore with a P/E ratio of about 32 times based on FY29E earnings. The stock is valued at 22x FY29E EV/EBITDA and 29.5x FY29E P/E at its 'cap price' of the prospectus price band, reflecting its marquee positioning in the ecosystem.
At least four brokerages, including Macquarie Group Ltd., have initiated coverage of NSE following its debut. Macquarie assigned an 'Outperform' rating and described the exchange as 'the dominator', citing its leading market share and technology stack. Its deep liquidity, the brokerage said, makes NSE the 'lynchpin of India's financialisation'. 'NSE's valuation premium to global exchanges is supported by higher growth and returns, with the exchange trading at about 30x FY29 estimated earnings versus 18x for international peers', Macquarie noted in an investor note. NSE maintained its dominant position in India's financial markets with 92.99% market share in cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in currency futures and 100% in currency options in fiscal 2026, as reported by The Financial Express.
