Bearish on BSE Ltd, cutting FY27 and FY28 EPS estimates by 6.3% and 15% respectively. The new Closing Auction Session (CAS) has introduced uncertainty in final settlement, weakening theta-harvesting strategies and reducing seller interest, which disproportionately impacts BSE due to its heavy reliance on expiry-day volumes. RBI’s bank guarantee norms may also gradually cap recovery into FY28.

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

Reliance IndustriesBearishCalled 21 Aug 2026
Verdict:PENDING

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