New Delhi, Oct. 6 -- India's strong primary-market activity is expected to provide a much-needed boost to CDSL and NSDL's Q2 FY27 earnings, even as subdued secondary-market activity weighs on transaction revenues. Brokerages expect IPO-linked income, annual issuer services, new demat accounts and corporate actions to support the depositories during the September quarter.

Nuvama Institutional Equities expects a muted recovery in the secondary market, with Q2 cash and delivery average daily traded volumes (ADTV) estimated to decline 14.1% and 1.7%, respectively, sequentially. However, this is likely to be offset by a sharp revival in primary-market activity, with Rs.92,600 crore raised in Q2 FY27, up 9.8 times sequentially.

The brokerage ...