Wall Street rushes in with bullish calls on India’s top bourse

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SENSEX 75,506.30

+ 1,046.77

NIFTY 23,348.50

+ 295.40

NIFTY 23,348.50

+ 295.40

CRUDEOIL 9,546.00

 -391.00

CRUDEOIL 9,546.00

 -391.00

GOLD 138,921.00

+ 436.00

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Morgan Stanley and JPMorgan Chase & Co. have initiated coverage of NSE’s stock with overweight ratings, even as it has mostly traded below its initial public offering price since listing in September

By Bloomberg

Updated - November 02, 2026 at 11:13 AM.

The National Stock Exchange of India Ltd. is winning bullish backing from Wall Street brokers, as they expect the bourse’s dominance to gain in India’s deepening capital markets.

Morgan Stanley and JPMorgan Chase & Co. have initiated coverage of NSE’s stock with overweight ratings, even as it has mostly traded below its initial public offering price since listing in September. India’s 360 ONE Capital Markets Pvt. also recommends buying the stock. 

The optimism reflects confidence in the structural expansion of India’s capital markets despite near-term concerns over slowing derivatives growth. A widening investor base in the world’s most populous nation and rising trading activity could benefit its top exchange regardless of market direction.

Morgan Stanley is the most bullish with a ₹2,315 price target for 12 months, implying an upside of as much as 30 per cent from Friday’s closing price. JPMorgan sees the shares reaching ₹2,130, while 360 ONE has a ₹2,100 target. Affiliates of the three firms were among the banks that worked on NSE’s IPO.

Jefferies also has a buy recommendation on NSE, while Macquarie Capital rated it outperform. 

NSE is an “engine of India’s capital markets,” Morgan Stanley said, terming the exchange a strong play on financialization of household savings and a shift towards equities. India’s markets remain underpenetrated, with just 3.2 per cent of working-age Indians trading in NSE’s cash market and 0.7 per cent trading equity derivatives, it said.

The brokerage expects NSE’s dominant position and asset-light business model to support premium valuations. NSE has more than 90 per cent share in the cash-equities market and nearly all of equity futures and single-stock options, while its index-options share appears to have stabilized at about 65 per cent, it said. 

New businesses, including commodities, a mutual-fund ordering platform and electronic gold receipts, could reduce NSE’s reliance on equity options and add about 15 per cent to revenue and profit by fiscal 2030, according to Jefferies. 

“A recovery in capital market conditions, coupled with the potential upside from smaller revenue streams, could further aid earnings,” Swarnabha Mukherjee, an analyst at 360 ONE, wrote in a note. 

More stories like this are available on bloomberg.com

Published on November 2, 2026

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