New Delhi, Sept. 26 -- The National Stock Exchange of India (NSE) has received an Outperform rating from Macquarie, which initiated coverage on the recently listed exchange with a target price of Rs.1,965, citing its dominant market position, strong liquidity, technology infrastructure and scope to expand beyond transaction-led revenues.

The brokerage described NSE as the "Dominator", highlighting its leading market share, integrated technology stack, deep liquidity and broad range of services.

"We view NSE, India's largest stock exchange, as 'The Dominator', due to its leading market share and power. Full set of services, technology stack and deep liquidity make NSE the lynchpin of India's financialisation," Macquarie said.

At the bro...