{
  "id": 9706397,
  "title": "NSE shares fall 2%, trade marginally above IPO price after debut. Why are Macquarie, other brokerages bullish?",
  "url": "https://urgent.news/2026/09/25/nse-shares-fall-2-trade-marginally-above-ipo-price-after-debut-why",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-25T03:31:21.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/default-subsec/nse-ipo/nse-shares-in-focus-a-day-after-ipo-debut-why-macquarie-other-brokerages-are-bullish/articleshow/134474308.cms"
  },
  "original_language": "en",
  "account": "NSE shares experienced a 1.6% drop to their lowest point of Rs 1,790 on the BSE on Friday, following the exchange's debut as India's second-largest IPO. Despite trading slightly above its IPO price, the stock managed to end the day more than 1% higher. The exchange's post-listing market capitalisation now stands at an impressive Rs 4.49 lakh crore, positioning it as the 10th largest listed company in the Indian stock market. The newly listed NSE now trails only Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance, L&T, and HUL in terms of market capitalisation. Should investors consider buying, selling, or holding NSE shares? Macquarie has rated NSE as \"Dominator,\" assigning an \"Outperform\" rating with a target price of Rs 1,965, indicating an 8% upside potential from the upper price band. The brokerage highlights NSE's comprehensive services, advanced technology, and deep liquidity, emphasizing its pivotal role in India's financialisation process. Emkay has initiated coverage of NSE with a \"Buy\" rating and a Sep-27E target price of Rs 2,050, suggesting a potential 15% upside. The brokerage's positive outlook is based on three key factors: India's capital market development and growth, NSE's consistent leadership position in capital market business segments, and strong profitability and cash generation at market infrastructure institutions (MIIs). NSE commands an unparalleled leadership position in cash and derivatives, driven by a self-reinforcing liquidity flywheel. In the cash segment, NSE holds a 93% market share, retaining a near-monopoly in the equity futures and stock options segment. PL Capital has assigned an \"Accumulate\" rating to NSE, with a target price of Rs 1,950 and an expected upside of over 9% from the IPO price band. The brokerage expects the exchange to benefit from a more diversified revenue mix, supported by recurring income streams like listing services, colocation, data feed, and index licensing, which are projected to grow at a faster 14% CAGR over FY26-29E compared to transaction income's 9% growth.",
  "summary": "NSE shares fell by 1.6% to Rs 1,790 following its stock market debut on Thursday. Brokerages Macquarie and Emkay assigned positive ratings, citing growth potential and resilient market leadership. NSE's market capitalisation now ranks among the largest firms in India. Analysts expect varying revenue growth rates for transaction income and diversified revenue streams. Overall, optimistic…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}