BSE shares fall 4% to snap 3-day rally as Bernstein forecasts up to 17% downside

BSE shares fell sharply on Wednesday after Bernstein initiated coverage with an Underperform rating and a Rs 2,820 target, implying 17% downside. The brokerage expects retail participation in equity derivatives to moderate and BSE’s market share gains to peak in FY27. Meanwhile, CAS-related volume concerns add to the pressure.