Only 3.2% of working Indians trade stocks. Why Morgan Stanley likes NSE

Morgan Stanley has initiated coverage of NSE with an overweight rating and a price target of Rs 2,315, citing its dominant market share, strong liquidity and Indias underpenetrated capital markets. The brokerage expects revenue and normalised profit to grow at 15% annually between FY27 and FY29. It sees long-term growth opportunities but flags regulatory changes and market-share losses as key risks.