NSE stock draws rare ‘Sell’ call ahead of long-awaited IPO debut

Dolat Capital Market initiated coverage on NSE with a Sell rating and a target price of 1,550 rupees, implying a 26% discount from its current unlisted market price of 2,085 rupees. The brokerage cited tighter derivatives regulations, declining market share in index options, and rich valuations as key concerns, forecasting NSE's options trading turnover to decline at around 4% annually between FY26 and FY29. Dolat also initiated sell coverage on listed peers BSE and MCX, while NSE, which currently commands a market value of 5.2 trillion rupees, recently filed for an estimated 3 billion dollar IPO targeting a September listing subject to Sebi approval.