“Maintains an 'ADD' rating on BSE, marginally cutting its target price to ₹3,850 from ₹3,900. The brokerage believes BSE could see a recovery in derivatives volumes after disruption from the Closing Auction Session (CAS), as the regulatory impact appears largely behind the exchange. Earnings estimates for FY27 and FY28 were lowered by 4% and 2.3% respectively, to account for weaker derivatives activity post-CAS rollout.”