NSE sees 6.33 million shares change hands in Sept, institutions pick up the most
Nearly 6.33 million shares of the National Stock Exchange of India (NSE) changed hands in September at an average price of Rs 3,055 each, taking the total turnover to Rs 1,860 crore. In September, foreign portfolio investors picked up 4.36 lakh shares, while domestic investors bought 29.8 lakh. Non-resident Indian investors sold around 34.17 lakh shares.
In terms of price, the highest recorded during the month was Rs 3,600, while the lowest was Rs 2,200 as against Rs 3,935 and Rs 1,800 a month back. Brokers say that unusually low prices indicate that the transactions may have been done with the intention of evading taxes. The share price of the exchange in the unlisted market had rallied to Rs 3,500-3,600 between 2019 and 2021 amid rising profitability and hopes of an IPO. The average prices have cooled to below Rs 3,000 in the past year.
Brokers dealing in the NSE stock say that there is a lag of four-five months, sometimes even more, from the time a deal is struck, and when the shares are transferred after the board approval. The strong appetite for the NSE shares is not surprising. For the past three years, the NSE has been the largest exchange in the world in terms of the number of F&O contracts traded and enjoys a monopoly in the space in India. The exchange has been gaining market share steadily in the cash market as well — from 83 percent in FY13 to 93 percent in FY23.
