“Upgraded BSE to 'Overweight' from 'Neutral', but cut its price target to ₹3,950 from ₹4,090, implying a 17% upside from Friday's close of ₹3,384. This decision is based on the expectation that the overhang from the Clearing and Settlement (CAS) mechanism will ease following SEBI's proposed changes to delink derivative settlement from CAS, supporting a gradual recovery in exchange volumes. However, near-term estimates for average daily premium turnover (ADPTV) for FY27-FY29 were trimmed due to recent volume declines and an anticipated measured recovery path.”