BSE Share Price Today: Stock Falls 1% as NSE Makes Muted Debut; Macquarie Sets ₹4,000 Target

24 Sep 2026 , 01:12 PM

BSE share price came under pressure on Thursday as the National Stock Exchange (NSE) made its much-awaited stock market debut, bringing India’s two major exchanges into the listed market for the first time.

BSE shares were trading at ₹3,236.00, down 1.06%, at around 1:05 PM on September 24, against the previous close of ₹3,270.70. The stock opened at ₹3,235 and moved between an intraday high of ₹3,308 and a low of ₹3,221.

The move came as investors turned their attention to NSE’s listing and what its public-market debut could mean for competition between the country’s two exchanges.

NSE Makes Its Stock Market Debut

NSE’s listing marks a significant development for India’s capital markets. The exchange raised ₹22,561.57 crore through an offer for sale of 12.64 crore shares, making it one of India’s largest IPOs. The issue was entirely an OFS, meaning the money raised goes to existing shareholders rather than to NSE itself.

At its market debut, NSE commanded a market capitalisation of more than ₹4.45 lakh crore, considerably higher than BSE’s current market value of around ₹1.33 lakh crore.

The size difference has naturally drawn attention to BSE, particularly after its shares delivered substantial gains over the past few years.

BSE Share Price: Macquarie Sees More Upside

The NSE listing has also coincided with fresh brokerage coverage on BSE.

Macquarie initiated coverage on BSE with an ‘Outperform’ rating and a target price of ₹4,000. Based on BSE’s previous closing price of ₹3,270.70, the target represents an upside of more than 22%. The brokerage’s report focuses on BSE’s potential across cash equities, equity derivatives and non-transaction revenue streams.

Macquarie’s coverage comes at an interesting point for BSE. The exchange has already seen a sharp re-rating over the past few years, helped in part by growth in its derivatives business.

BSE shares are up around 25% so far in 2026, while the stock has gained roughly 57% over the past year. Over a longer period, the gains have been much more pronounced, with the stock rising more than 720% over three years and over 2,400% over five years.

That long-term run-up is also why the exchange’s valuation and future growth prospects are receiving greater scrutiny.

Other Brokerages on BSE

Macquarie’s view is not shared uniformly across the brokerage community.

Nuvama has a ‘Hold’ rating on BSE with a target price of ₹3,240. Its concerns include the potential impact of the Closing Auction Session (CAS), RBI norms relating to bank guarantees and the possibility that further gains in BSE’s derivatives market share could become harder to achieve.

Jefferies has an ‘Underperform’ rating with a ₹2,940 target price. The brokerage has pointed to several risks, including proprietary trader activity, the securities transaction tax (STT) hike, RBI’s bank-guarantee rules and the CAS.

The differing targets underline the debate surrounding BSE following its strong run-up. While some brokerages are focusing on the exchange’s growth potential, others are looking at factors that could limit trading volumes, margins or market-share gains.

BSE vs NSE: Market Capitalisation Gap Widens

The market debut of NSE has also put the valuation gap between the two exchanges in the spotlight.

NSE’s debut valuation of more than ₹4.45 lakh crore is over three times BSE’s market capitalisation of around ₹1.33 lakh crore.

The comparison, however, goes beyond market value. NSE has historically maintained a dominant position in several segments of India’s capital markets, particularly derivatives, while BSE has been gaining ground in areas such as equity derivatives.

For BSE investors, the key question is therefore how much room remains for the exchange to increase its share of trading activity while continuing to expand revenue from businesses beyond transaction charges.

NSE IPO: Key Details

NSE’s IPO was offered at a price band of ₹1,700 to ₹1,785 per share, with a lot size of eight shares. At the upper end of the price band, a retail investor needed to invest ₹14,280 for one lot.

The IPO comprised an offer for sale of 12.64 crore shares and did not include a fresh issue. NSE itself therefore does not receive the IPO proceeds.

Ahead of the public issue, NSE raised ₹6,746.18 crore from anchor investors, with 189 investors participating in the anchor allocation, according to reports.

The IPO eventually received strong demand, closing with 5.71 times subscription, while the QIB portion was subscribed 12.68 times.

NSE IPO Details

Particulars	Details
IPO Size	₹22,561.57 crore
Issue Type	Offer for Sale
Shares Offered	12.64 crore
Price Band	₹1,700–₹1,785
Lot Size	8 shares
Minimum Investment	₹14,280
Anchor Allocation	₹6,746.18 crore
Listing Date	September 24, 2026
Final Subscription	5.71x

What NSE’s Listing Means for BSE Investors

The arrival of NSE as a listed company gives investors a direct way to compare the financial performance, valuations and growth prospects of India’s two leading exchanges.

For BSE, the immediate focus is likely to remain on its ability to grow derivatives volumes, defend and expand its market share and build revenue streams that are less dependent on transaction activity.

The brokerage views also show why the stock is attracting different interpretations. Macquarie is focusing on potential gains in cash equities, F&O and non-transaction revenue, while Nuvama and Jefferies have highlighted specific regulatory and market-structure risks.

For the BSE share price, Thursday’s move comes against the backdrop of an important change in India’s exchange landscape. With NSE now publicly traded, investors have a new reference point for assessing BSE’s valuation and growth trajectory.

For BSE shareholders, the more important question from here may not simply be how the two exchanges compare on market capitalisation, but how their respective trading volumes, market shares and earnings develop in the quarters ahead.

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