BSE shares fall 2% as NSE makes market debut. Here's why Macquarie sees 22% upside
NSE moved lower in an ipo & listings development.
24 Sept 2026 · Economic Times Markets, ET Stocks
On Thursday, BSE shares fell by 1.5%, coinciding with NSE's much-anticipated market debut after a lengthy IPO process. The initial response from analysts was varied; while Macquarie predicted a potential rise in BSE's target price, both Nuvama and Jefferies warned of looming regulatory hurdles that might impact market engagement.
The analysis
NSE reported movement of 2%, 22% and 1.5%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Because the driver here is macro rather than company-specific, the read-through is to index-level positioning rather than to any single name — correlations tend to rise when the whole market faces the same signal.
Why it matters
- Listing activity is a read on risk appetite — a hot primary market usually means a confident secondary one.
- With NSE, BSE involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- This is a market-wide development — its reach goes beyond any single stock.
- The immediate tone of coverage reads negative.
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