NSE shares cross Rs 2,000 mark for first time, jump 22% from record low in less than a month. More upside ahead?

Shares of the National Stock Exchange (NSE) crossed the Rs 2,000 mark for the first time on Friday, surging 22% in less than a month after hitting a record low in October.

NSE shares made their much-awaited market debut on September 24 this year, listing at a little over 1% premium to the IPO price at Rs 1,800 apiece on the BSE. After a brief listing-day rally, the stock fell around 9% to hit a record low of Rs 1,640 apiece on October 22, as the expiry of the IPO lock-in period and a broader market downturn weighed on the shares.

Shares of the stock exchange then began to rise sharply, surging 22% in around three weeks from the record low to hit a fresh record high of Rs 2,007.60 apiece today. This marks an 11.5% increase from the listing price and 12.5% from the IPO price of Rs 1,785 apiece. The surge from the record low has added nearly Rs 91,000 crore to the company’s market capitalisation, pushing it closer to the Rs 5 lakh crore mark.


Also read | India equity surge brightens outlook for exchanges, brokerages

Can NSE shares rally more?

Despite the sharp runup, brokerages see further upside ahead. Motilal Oswal Financial Services recently initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 2,300 apiece, implying around 16% upside potential from the stock’s previous closing price of Rs 1,989.70 apiece.

The brokerage highlighted that India's market cap-to-GDP ratio stands at 131% in FY25, compared to the US at 216% and Japan at 157%. Matching the US ratio would imply 1.65x the current listed market cap. Demat accounts meanwhile reached 24 crore by September 2026, which is 17% of the population, reflecting structural headroom for growth, the domestic brokerage said, adding that India’s 3% active-participation rate is low even against other emerging markets, so as financial literacy, digital onboarding and distribution improve, participation could rise structurally over the years.

Also read | Why Motilal Oswal is bullish on NSE share price?

Emkay Global Financial Services has a ‘Buy’ rating on the shares of NSE with a target price of Rs 2,050 apiece. The domestic brokerage said the prospective changes to CAS, which are expected to go live in December this year, may help drive trading volumes for the stock exchange, ET Now reported. It added that the company reported a satisfactory performance in Q2 despite CAS jitters.

Recently, Jefferies initiated coverage on the stock exchange's shares with a ‘Buy’ rating and a target price of Rs 2,085 apiece, calling it a “market leader with new growth optionality”, expecting the company to deliver a 15% revenue CAGR over FY27-29, despite past regulatory headwinds.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.