National Stock Exchange shares began trading on rival BSE Thursday
Shares of National Stock Exchange of India Limited began trading on BSE at Rs 1,800 on Thursday, reflecting an opening gain of roughly 1% above the issue price of Rs 1,785. Momentum picked up shortly after the opening bell, lifting the stock to Rs 1,860.10 by 10:51 AM, a 3.3% rise over its debut mark. Unlisted market signals had earlier pointed toward a 4% to 5% opening jump.
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Speaking at the Mumbai listing event, Chairperson Srinivas Injeti noted that the exchange institutionally belongs to the entire nation rather than only its executives, directors, and equity owners. Injeti stated that management moved forward with the public offer after addressing regulatory steps, keeping the focus on long-term inherent value rather than short-term market pricing.
Market Valuation Dominates Domestic Landscape
Trading brought the exchange's valuation to Rs 4.45 lakh crore, outpacing rival BSE's valuation of Rs 1.33 lakh crore. Overall subscription for the issue reached 5.71 times during the bidding window, led by institutional demand booked at 12.68 times and retail subscription at 1.39 times. Because market rules bar stock exchanges from hosting their own equity, shares were placed on BSE and admitted for trading on Metropolitan Stock Exchange of India under its permitted category.
Broking house Prabhudas Lilladher initiated coverage with an optimistic outlook, projecting revenue growth of 11% compounded annually between FY26 and FY29 alongside expanding margins, even with reduced volumes in index options. Domestic analysts noted that trading supply will stay restrained during initial months, as pre-IPO investors remain under statutory lock-in periods spanning 6 to 18 months. India's broader market benchmarks trended downward during the session, with Nifty 50 dropping 0.9% to 23,230.20 and Sensex shedding 0.9% to 74,180.88 amid weakness across insurance counters.
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