NSE shares fall 1.5% a day after their market debut, but brokerages see up to 15% upside

Fresh updates from the financial markets indicate that Shares of National Stock Exchange of India Ltd (NSE) declined more than 1.5 percent on Friday amid earnings booking, a day after the stock made its market debut.

The stock hit an intraday low of Rs 1,790.10 per share on the BSE, down 1.53 percent. It later recovered some of the losses and was quoting at Rs 1,806.60 per share, down 0.63 percent, around 11:10 am.

NSE shares had settled nearly 2 percent elevated on Thursday, the first day of trading, valuing the bourse at Rs 4.49 lakh crore and placing it among the world's top seven exchanges.

The stock listed at Rs 1,800, marginally elevated by 0.84 percent from the offering price of Rs 1,785 on the BSE. During the session, shares surged 5.21 percent to Rs 1,878 before closing at Rs 1,818, up 1.85 percent.

NSE commanded a market valuation of Rs 4,49,955 crore at the end of the debut session. Its market capitalisation stood at Rs 4,47,145.88 crore on Friday, marking a slide of Rs 2,809.12 crore, or around 0.62 percent. NSE stock price target 2026

Market watchers, in the meantime, expect further upside in the stock, with research firms setting price targets implying upside of up to 15 percent from the IPO offering price.

PL Capital initiated coverage on NSE with an 'Accumulate' rating and a price target of Rs 1,950 per share, implying an upside of around 9.2 percent over the offering price of Rs 1,785.

Macquarie additionally initiated coverage on NSE with an 'Outperform' rating and a target price of Rs 1,965 per share. The target implies an upside of around 10 percent over the IPO offering price.

Macquarie described NSE as "The Dominator", citing its leading market share, comprehensive suite of services, technology infrastructure and deep liquidity.

Emkay Global Financial Services additionally initiated coverage on NSE with a 'Buy' rating and a September 2027 target price of Rs 2,050, implying around 15 percent upside over the offering price.

The Rs 22,569-crore initial public offering of NSE, the country's second-largest IPO, received nearly six times subscription on the final day of bidding on Monday, led by firm demand from institutional buyers.