“Initiated coverage on National Stock Exchange (NSE) with an 'Accumulate' rating and a target price of ₹1,950 per share, based on 35x FY29E P/E. The brokerage expects valuation to largely capture the premium, supported by NSE's near-dominance in cash and futures, strong liquidity, robust technology, and optionality from new derivative products, despite some erosion in index option share and regulatory curbs impacting overall industry volumes.”

PL Capital Analysis’s track record (trackable calls only): 3 graded calls · 95% CI 6–79%