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NSE’s listing is an important moment for the Indian capital markets. It also gives us an opportunity to look at how the two major exchanges have evolved as listed businesses. NSE listed today at Rs1,800 against its issue price of Rs1,785, a premium of 0.84%. The stock then gained further ground during the session, rising as much as 5.2% from the IPO price to touch Rs1,878.

The difference in scale is quite significant. NSE currently has a market capitalisation of around Rs4.5 lakh crore, compared with about Rs1.3 lakh crore for BSE. NSE also continues to have a significant lead in market share, with 92.99% of cash-market turnover, 99.79% of equity-futures turnover and 74.71% of equity-options premium turnover in FY26.

The valuation comparison is also worth noting. At the IPO price of Rs 1,785, NSE was valued at around 43x FY26 earnings, compared with around 53x for BSE.

Going ahead, the focus will be on how NSE builds on its existing strengths. The growth in India’s investor base, increasing participation in the capital markets and financialisation of savings should support the broader market over the long term.

At the same time, changes in regulation, trading patterns and the derivatives market will need to be watched closely. Now that both NSE and BSE are listed, the market will have a much clearer view of their financial performance, growth and ability to create value as India’s capital markets expand.

 

 

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