“Upgraded MCX to 'Overweight' from 'Neutral' and raised its target price to ₹3,500 from ₹2,560, implying a 21% upside. This bullish outlook is driven by Sebi's proposal to allow FPIs into physically-settled non-agri commodity contracts and index derivatives, which is seen as a structural volume catalyst for MCX, with bullion as a primary beneficiary.”