Bernstein initiates India's MCX at 'outperform', BSE at 'underperform' on diverging growth outlook

Multi Commodity Exchange of India

09/09/2026 07:03

** Bernstein starts coverage of Multi Commodity Exchange of India MCEI.NS at "outperform" and BSE BSEL.NS at "underperform", citing two contrasting stories of inflation for MCEI and normalization for BSEL
** MCEI price target set at 3830, an implied upside of 14.6% and BSEL PT at 2820, potential downside of 16.9% over its last close
** Says equity derivatives led the retail participation wave for BSEL, which is likely to face moderation with market share gains peaking in the financial year 2027
** The best is behind for BSEL, Bernstein says, adds that regulatory measures in equity derivatives and moderation in volumes will limit profit growth
** Bernstein prefers MCEI over BSEL, saying it sees exceptional growth momentum in contracts traded
** Sees gains for MCEI from higher future gold prices, an upside risk from global macro 
** Views the SEBI consultation paper on FPI participation in non-agri commodity derivatives as  a "win for MCEI"
** MCEI rises 51.2% and BSEL up 24.7% in 2026 so far, according to exchange data 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))