Bearish on BSE, downgrading to 'Hold' with a target price of ₹3,240 (from ₹4,090), implying a 3% downside. Three key headwinds converge in FY27: the new Closing Auction Session (CAS) reducing trading velocity and participation, RBI's bank guarantee norms raising capital intensity for intermediaries, and market share gains nearing saturation. Nuvama cut EPS estimates by 6.3% for FY27 and 15% for FY28.

Nuvama Analysis’s track record: 4 graded calls · 95% CI 15–85%

BSEBearishCalled 18 Aug 2026
Verdict:PENDING

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