NSE Share Price Today: Stock Slips 1.5% On Day 2, Brokerages Bullish With 15% Upside Target
The NSE share price came under pressure on Friday, a day after the National Stock Exchange made its much-awaited stock market debut. The decline reflects some profit booking after the stock gained nearly 2% on its first trading day, but brokerage targets suggest that analysts continue to see room for further gains.
The contrast is now catching investors’ attention: NSE shares are slipping in the short term, while brokerages remain positive on the longer-term story.
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NSE Share Price Today: NSE shares fall after a strong market debut
NSE shares touched an intraday low of ₹1,790.10 on the BSE, down 1.53% from the previous close. The stock later recovered part of the loss and was trading around ₹1,806.60, down 0.63%, at around 11:10 am.
The move came after NSE shares closed at ₹1,818 on Thursday, up 1.85% from the ₹1,785 IPO price. The stock had listed at ₹1,800, a 0.84% premium, before climbing as much as 5.21% to ₹1,878 during the session.
The first session valued NSE at around ₹4.49 lakh crore, placing the exchange among the world’s largest listed exchanges.
NSE share price targets from brokerages
The important point for investors is that the Friday decline came despite several brokerages initiating coverage with positive ratings:
| Brokerage | Rating | Target price | Reference to IPO price |
|---|---|---|---|
| PL Capital | Accumulate | ₹1,950 | 9.2% |
| Macquarie | Outperform | ₹1,965 | 10.1% |
| Emkay Global | Buy | ₹2,050 | 14.8% |
These are brokerage estimates, not guaranteed returns. Business Standard separately confirmed Macquarie’s ₹1,965 target and PL Capital’s ₹1,950 target, while Emkay has a ₹2,050 target.
NSE shares: Day 2 performance
Shares of National Stock Exchange of India Ltd. (NSE) came under profit-booking pressure on Friday, September 25, one day after their stock-market debut.
- IPO issue price: ₹1,785
- Listing price: ₹1,800 on BSE
- Listing premium: 0.84%
- Thursday closing price: ₹1,818
- Friday intraday low: ₹1,790.10
- Friday decline at low: 1.53%
- Around 10:39–11:10 am, the stock was trading around ₹1,805–₹1,807, down roughly 0.6–0.7%.
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NSE market capitalisation
NSE’s market capitalisation was around ₹4.50 lakh crore after the first trading session. Moneycontrol reported a market cap of ₹4,49,955 crore at the end of Thursday and ₹4,47,145.88 crore on Friday, a decline of about ₹2,809 crore.
The valuation places NSE among the world’s largest listed exchanges by market value.
NSE share price targets point to further upside
Despite the early decline, brokerages have initiated coverage with targets above the IPO price.
PL Capital initiated coverage with an ‘Accumulate’ rating and a target price of ₹1,950, implying around 9.2% upside from the IPO price.
Macquarie assigned an ‘Outperform’ rating with a ₹1,965 target. Macquarie described NSE as “The Dominator”, highlighting its market share, deep liquidity, technology infrastructure and broad range of services.
Emkay Global Financial Services set a ₹2,050 target with a ‘Buy’ rating, implying around 15% upside from the ₹1,785 issue price.
These are brokerage estimates, not guaranteed future prices.
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Why Macquarie called NSE “The Dominator”
Macquarie’s thesis centres on NSE’s strong position in India’s capital-market infrastructure. The brokerage highlighted its leading market share, deep liquidity, technology infrastructure and network effects.
Reuters reported before the listing that NSE had approximately 93% share of India’s cash-equity market and nearly 75% of options, illustrating the exchange’s strong position in key trading segments.
What PL Capital sees
PL Capital expects NSE’s earnings profile to benefit from diversification beyond transaction-based revenue. Economic Times reported that transaction income accounted for 79% of operating revenue in FY26, while PL Capital expects businesses such as listing services, colocation, data feeds and index licensing to grow faster than transaction income over FY26–29E.
Business Standard reported that PL Capital expects PAT to grow at an 11% CAGR over FY26–29E, while identifying lower trading volumes arising from regulatory changes and market conditions as a key risk.
What could drive NSE earnings?
NSE’s earnings story is fairly simple at the core: the more investors trade on the exchange, the more transaction revenue NSE can generate. Higher volumes can also improve operating leverage because much of the exchange’s technology and infrastructure costs are relatively fixed.
Transaction charges accounted for 78.65% of NSE’s operating revenue in FY26, making trading activity the biggest driver of earnings.
Cash-market volumes
A recovery in the cash market would give NSE another source of transaction growth.
NSE has a dominant position in India’s cash-equity market, so higher participation from retail and institutional investors could directly support volumes and revenue. The cash market, however, currently contributes much less revenue than derivatives.
Equity derivatives
Derivatives remain the main earnings engine for NSE, particularly equity options.
In FY26, options generated about ₹9,996 crore in transaction charges, compared with ₹1,555 crore from the cash market and ₹1,370 crore from futures.
This makes sustained options activity important for NSE’s earnings. At the same time, it also means changes in derivatives regulation or trading behaviour can have a significant impact.
Index derivatives
Index options, especially those linked to major NSE indices, are a major part of this derivatives business.
According to NSE, index options accounted for a substantial portion of its options activity in FY26. If trading participation and volumes remain healthy, this segment can continue supporting transaction revenue.
New products
NSE is also trying to build growth beyond traditional equity derivatives.
The exchange has identified commodities, currencies, electricity futures, electronic gold receipts (EGRs), ETFs and other products as potential growth areas. The aim is to create additional trading volumes and gradually reduce dependence on a single segment.
Data and technology services
Data and technology-related businesses could become increasingly important.
NSE earns from data feeds, terminals, connectivity, colocation and data-centre services. In FY26, data-related businesses were already contributing around 11–12% of revenue, according to company disclosures.
These businesses can also provide greater diversification from trading-linked revenue.
Listing-related activity
A strong IPO market can provide another source of income.
NSE earns fees from new listings, annual listing services and book-building activities. Listing-services revenue rose 12% year-on-year to ₹352 crore in FY26, according to NSE’s financial disclosures.
Continued activity in India’s primary market could therefore support this part of the business.
Market participation
A growing investor base can also support NSE’s long-term earnings.
More investors generally mean a larger potential pool of traders across equities, derivatives and other products. NSE’s strong liquidity can reinforce this effect, as higher participation can attract more trading activity and, in turn, further deepen liquidity. Reuters reported that NSE had a 93% share of India’s cash-equity market and about 75% of options.
What NSE’s IPO means for investors now
The NSE IPO attracted strong demand before listing, receiving 5.71 times subscription, with the QIB portion subscribed 12.68 times and the NII portion 6.55 times.
That institutional interest remains an important factor for investors watching the NSE share price after listing.
For traders, volatility could remain elevated as early investors book profits. Long-term investors, meanwhile, will likely focus more closely on NSE’s earnings growth, trading activity, market share and regulatory developments.
Here’s what happened today and why traders reacted
The immediate trigger behind Friday’s weakness appears to be profit booking after the NSE listing gain. Investors who received shares in the ₹1,785 IPO may have used the early strength to lock in gains.
NSE’s market capitalisation stood at around ₹4.47 lakh crore on Friday, lower than the previous session as the share price eased.
For short-term traders, the focus is therefore shifting from the listing itself to whether NSE can sustain prices above the IPO level as the initial post-listing excitement settles.
What traders should watch in the coming sessions
The key question now is whether NSE shares can build on their listing gains after the initial profit booking.
Investors should watch price movement around the IPO price, trading volumes, broader market sentiment and future earnings developments. The brokerage targets also make the stock one of the closely watched newly listed shares in the Indian market.
For now, the NSE debut has moved into its next phase: from IPO excitement to the test of whether the exchange’s market dominance can translate into sustained shareholder value.
