BSE shares fall 2%, down 30% in 4 months. Why Macquarie is bullish while Jefferies is cautious
RBI moved lower.
28 Sept 2026 · ET Stocks, Economic Times Markets
BSE shares fell over 2% amid a broader market decline, trading more than 30% below their May high. Brokerages offered mixed views, with Macquarie bullish on growth prospects, while Jefferies and Nuvama flagged regulatory and operational headwinds, including STT changes, RBI norms and the Closing Auction Session impact.
The analysis
RBI reported movement of 2% and 30%. 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
- With RBI, 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.