Summary of this article
NSE profit rises 23 per cent to Rs 2,578 crore in Q2 FY27
MCX net profit more than doubles to Rs 455 crore
Sebi proposes LTCG tax relief for foreign and domestic investors
Shares of capital market companies, including stockbroking firms, asset management companies (AMCs), exchanges and market infrastructure institutions, were in focus on November 4, after the National Stock Exchange of India (NSE) and Multi Commodity Exchange of India (MCX) reported strong earnings for the September quarter of FY27.
The sector had witnessed renewed buying interest in the previous session following reports that the Securities and Exchange Board of India (Sebi) has recommended changes to the long-term capital gains (LTCG) tax regime ahead of the Union Budget 2027-28. The proposals have brought capital market stocks back into focus, particularly companies whose revenues are linked to trading activity, investor participation and assets under management.
However, the buying interest was selective on November 4. The Nifty Capital Market Index, which had rallied nearly 5 per cent in the previous session, was down around 0.85 per cent.
At 10:25 AM, KFin Technologies was among the biggest gainers, rising 4.58 per cent to Rs 901.05. HDFC Asset Management Company (HDFC AMC) gained 2.68 per cent to Rs 2,505.50, while Aditya Birla Sun Life AMC advanced 1.65 per cent to Rs 825.10.
Nippon Life India Asset Management gained 1.29 per cent to Rs 996.70, while 360 ONE WAM rose 1.02 per cent to Rs 1,075.85. Motilal Oswal Financial Services, Computer Age Management Services (CAMS), Indian Energy Exchange (IEX) and Groww also traded higher.
On the other hand, MCX declined 5.42 per cent to Rs 3,301.10, while BSE fell 1.92 per cent to Rs 3,595.40. Central Depository Services (India) declined 0.20 per cent, while Angel One was down 0.37 per cent.
Shares of NSE hovered near Rs 1,805, registering a modest gain of 0.07 per cent over the previous close. BSE is scheduled to announce its Q2 FY27 financial results later in the day.
NSE Q2 Results: Profit Rises 23% To Rs 2,578 Crore
The NSE reported a 23 per cent year-on-year (YoY) increase in consolidated profit after tax (PAT) to Rs 2,578 crore for Q2 FY27, as against Rs 2,098 crore in the corresponding quarter last year.
This is the exchange's first set of quarterly financial results since its D-Street debut in September 2026.
NSE's consolidated revenue from transaction charges increased 9 per cent to Rs 3,035 crore in Q2 FY27 from Rs 2,789 crore a year earlier. Higher trading volumes in the cash market and equity options segments supported the growth.
The exchange's consolidated total income also increased 9 per cent YoY to Rs 4,554 crore from Rs 4,160 crore.
In the cash market segment, the average daily traded volume (ADTV) increased 24 per cent YoY to Rs 1,18,377 crore during the quarter.
The ADTV for equity options, measured by premium value, rose 3 per cent to Rs 47,977 crore. The average daily traded volume for equity futures stood at Rs 1,24,574 crore.
Commenting on the financial performance, NSE Managing Director and Chief Executive Officer Ashishkumar Chauhan said, “said, “Q2FY27 was a momentous quarter for us as we successfully completed the listing of one of the world's largest and most technologically advanced market infrastructure institutions. The listing milestone marked an important phase in our evolution, reflecting our continued commitment to the highest standards of governance, transparency and value creation, as we continue to drive innovation and deepen India's capital market ecosystem.”
During the quarter, NSE facilitated India's first tokenised bond issuances aggregating Rs 1,000 crore. It also advanced its product pipeline, including derivatives on the Nifty India FPI 150 Index and Corporate Bond Index Futures.
Meanwhile, NSE's board also approved the proposed divestment of up to 40 per cent stake in National Coal Exchange of India Limited, its wholly owned subsidiary. The proposed sale will be undertaken in one or more tranches through a secondary sale of equity shares.
MCX Q2 Results: Net Profit More Than Doubles To Rs 455 Crore
MCX reported a 130 per cent YoY increase in consolidated net profit to Rs 454.57 crore in Q2 FY27, compared with Rs 197.47 crore in the corresponding quarter last year.
The exchange's total income surged to Rs 799.66 crore from Rs 374.23 crore in the year-ago period. Expenses increased to Rs 211.36 crore from Rs 150.41 crore.
Trading activity remained strong across commodity derivatives. The average daily turnover (ADT) of futures contracts increased to Rs 62,819 crore during the quarter, while the ADT of options stood at Rs 12,00,129 crore.
The exchange also recorded physical deliveries of 5.68 tonnes of gold, 199.91 tonnes of silver and 34,707 tonnes of base metals during the quarter.
"Our strong performance in Q2 FY27 reflects the continued trust of market participants and the growing relevance of the exchange in the evolving commodity ecosystem," said Praveena Rai, Managing Director and CEO of MCX.
She attributed the performance to sustained growth across product segments, increased market participation and efforts to expand the exchange's product basket.
Despite the sharp improvement in quarterly earnings, MCX shares were trading lower on November 4.
LTCG Tax Cut Buzz: What Has Sebi Recommended
A fresh trigger for capital market stocks emerged on November 2 after a Reuters report said Sebi had recommended that the government abolish the 12.5 per cent LTCG tax on equity investments by foreign investors.
The regulator has also proposed tax relief for domestic mutual fund investors by suggesting that switching between mutual fund schemes should not attract LTCG tax when the existing investments have been held for more than a year.
The proposals come at a time when foreign portfolio investors (FPIs) have been selling Indian equities left, right and centre, having withdrawn Rs 2.87 lakh crore so far in 2026. Scrapping LTCG tax could improve post-tax returns for foreign investors and make Indian equities more attractive compared with other markets.
The current LTCG tax rate on listed equity shares and equity-oriented mutual funds is 12.5 per cent on gains exceeding the annual exemption threshold of Rs 1.25 lakh, subject to applicable conditions.
