The National Stock Exchange (NSE) saw its shares climb 2% to Rs 1814.50 today, November 3, 2026, as the market awaited its second-quarter earnings announcement. The surge pushed NSE's market capitalization to Rs 4.49 lakh crore, fueled by optimistic outlooks from several leading brokerages.
Brokerages Issue Bullish Outlooks
Ahead of the Q2 results, a consensus of investment firms has recommended buying or accumulating NSE shares, citing the exchange's pivotal role in India's expanding capital markets.
Morgan Stanley's High Target
Morgan Stanley initiated an "Overweight" stance on NSE, setting a price target of Rs 2,315. The global brokerage highlighted NSE as a robust investment opportunity, benefiting from India's increasing household savings being channeled into equities. Morgan Stanley projects a 15% compound annual growth rate (CAGR) for both revenue and normalized profit after tax (PAT) between fiscal years 2027 and 2029.
Diverse Recommendations from Other Firms
- Equirus Securities gave a "Buy" recommendation with a target price of Rs 2,150, indicating a potential upside of 21%.
- Jefferies also initiated coverage with a "Buy" rating, assigning a target price of Rs 2,085. Jefferies noted that Indian exchanges provide a hedge against market volatility and that new growth opportunities for NSE are currently undervalued.
- Macquarie maintained an "Outperform" rating, targeting Rs 1,965 per share.
- Emkay Global set a "Buy" rating with a target of Rs 2,050.
- Asian Markets Securities suggested a target price of Rs 2,170.
- PL Capital issued an "Accumulate" rating, with a target price of Rs 1,950.
These collective positive outlooks underscore analysts' confidence in NSE's sustained growth trajectory, driven by its dominant market position, scalable technology, and favorable economic dynamics within India's financial sector.