Key Highlights

• BSE shares returned ~194% in past year; slipped 11% from record high after hitting ₹3,030.
• Strong Q4: net profit ₹494 cr, revenue ₹847 cr; ASM framework triggered amid steep surge.

BSE Ltd's shares have nearly tripled investor wealth in a year. The stock of India's oldest stock exchange, listed on NSE, has returned 194% in a year. However, the BSE stock fell 11% from its record high of Rs 3030 set on June 10 this year. In five years, the multibagger share increased by more than 5000%.

Last week, the NSE included the multibagger stock in Stage 1 of the Additional Surveillance Measures (ASM) framework. The stock has fallen for the fourth consecutive session since then.

In the current session, BSE shares fell 0.75% to Rs 2691, compared to the previous close of Rs 2711.20. The market capitalization of the BSE stock was Rs 566.07 crore. The ASM framework was used to limit speculative activity following the stock's significant rise of more than 130% since its March lows.

The ASM framework is a joint initiative of the Securities and Exchange Board of India (SEBI) and stock exchanges to protect investors by imposing restrictions on specific securities.

Meanwhile, Om Mehra, Technical Research Analyst at SAMCO Securities, stated, "The BSE stock has seen a sharp rally from its March lows, riding steadily within a rising parallel channel. After reaching an all-time high of Rs 3,030, the BSE encountered resistance and has since entered a healthy pullback phase. The price has retraced toward the 20-day EMA and is now hovering near the channel's midline, which was previously a strong support zone. This confluence provides a high probability accumulation area. The momentum indicators are calming down. The RSI has fallen below 60, but it remains above 50, indicating consolidation rather than a trend reversal. The ADX, which is still strong around 30, shows a declining +DI line and a rising -DI, indicating a pause in bullish momentum. However, the volume remains under control, with no signs of panic."

"The zone between Rs 2,600 and Rs 2,500 emerges as an ideal accumulation band, which was previously resistance. As long as the stock closes above Rs 2,500, the broader trend will remain intact. On the upside, if the stock rises above Rs 2,850, it is likely to revisit the previous high of around Rs 3,030. For a while, a directionless trend may emerge, which would be the best time to accumulate for the long term," Mehra said.

Hardik Matalia, Derivative Analyst at Choice Broking, is optimistic about the outlook for BSE stock.

"The BSE is currently trading around Rs 2,711 and has maintained its long-term uptrend, consistently forming higher highs and higher lows—a classic indicator of strength and bullish intent. Despite recent rejection from higher levels, the stock has demonstrated resilience by pausing and attempting to reverse from its immediate support zones, implying potential accumulation at lower levels.

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This ongoing price behavior indicates a healthy pullback within the larger uptrend, and if the BSE confirms this reversal with strength, it may resume its upward trajectory, reinforcing the case for a continuation of the current trend. There is a greater chance of sustained momentum because the stock recently retraced toward its short-term exponential moving average before rising again. After cooling from overbought levels, the Relative Strength Index (RSI) is now at 57.20. Although this suggests a halt in momentum, the next upward move may be indicated if the RSI reverses from its current levels. The stock continues to trade above all key moving averages across timeframes, supporting the overall bullish outlook," said Matalia.

"Short-term traders should be cautious and wait for a breakout above the recent highs or a clear reversal confirmation from current levels before launching new positions. These technical indicators will improve the overall risk-reward profile and offer more clarity. This level serves as a strong support base and trailing stop loss. As long as the BSE remains above this level, the structural uptrend is intact, and buying on dips remains a good strategy. "The current consolidation and pullback phase may serve as a base-building zone for the next leg of the rally," Matalia added.

From Rs 107 crore in the same period last year to Rs 494 crore in Q4, the stock exchange's net profit increased.  In the latest quarter, revenue reached Rs 846.6 crore, a 75% year-over-year increase over the fourth quarter of the previous fiscal year.