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ICICI Securities Report
Exchange volumes remain largely steady as a trend notwithstanding monthly volatility. We are witnessing NSE cash average daily trading volume of ~Rs 700 billion, NSE derivative ADTV of ~Rs 320 trillion (flattish) and BSE derivative ADTV of Rs 35 trillion (growing).
Within BSE options, BANKEX contributed 6.7% in Nov-23. MCX volumes were lower in Nov-23, but there are growth levers ahead.
There is a strong likelihood of continued growth in exchange volumes which should benefit the entire ecosystem. However, valuation multiple for capital market plays is significantly higher now.
Overall volume growth has tapered on a high base in FY24 (BSE/NSE derivative growth of 33.1/-5.8% in the last two months versus 641%/32.2% growth in eight months-FY24 to-date.
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