Mumbai, Aug. 17 -- The global brokerage also cut its target price by 16% to Rs 2,940 from Rs 3,520 and lowered its FY27-FY29 estimated earnings per share (EPS) by 5-12%.

The brokerage said BSE's revenue from domestic proprietary traders, which account for around 50% of notional turnover, could face headwinds from the securities transaction tax (STT) hike, RBI norms on bank guarantees and the introduction of the Closing Auction Session. It also noted that BSE's options average daily traded turnover (ADTO) in August 2026 was down 12% month-to-date compared with July 2026.

The brokerage added that while consensus expects BSE to gain further market share, its expiry-day market share is now similar to that of NSE, while market-share gains ou...