Each of these six documents breaks something specific. The seventh just makes them work.

54.0 s · one run · 6,720 pipes · 170 headings

The first 4,000 characters of the output. The full result is not republished here: the source document is NSE’s.

<!-- Page 1 -->

MARKET PULSE

##### A monthly review of the

#### Indian economy and markets Se

\\

###### Corporate strength

India’s growth momentum

\\

September 2026 | Volume 8 | Issue 9

<!-- Page 2 -->

![](img_p2_1.png)

## QO NSE Market Pulse

September 2026 | Vol. 8, Issue 9

###### Market Pulse

###### Volume 8, Issue 9

This publication is issued monthly by the Economic Policy and Research (EPR) department of the National Stock Exchange of India Limited. It is a review of major developments in the economy and financial markets and market statistics for the month gone by, insights from cited academic research papers and topical research articles.

###### Authors

*Tirthankar Patnaik, PhD Prerna Singhvi, CFA Prosenjit Pal Ashiana Salian Sushant Hede Stuti Bakshi Puja Parmar, PhD Aratrik Chakraborty Sahil Bagdi Anuska Mukherjee Anoushka Singh*

Past editions of Market Pulse can be accessed at

[**https://www.nseindia.com/research/publications-reports-nse-**](https://www.nseindia.com/research/publications-reports-nse-market-pulse) **market-pulse**

![](img_p2_2.png)

###### NATIONAL STOCK EXCHANGE OF INDIA LIMITED

1/327

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![](img_p3_1.png)

## QO NSE Market Pulse

September 2026 | Vol. 8, Issue 9

## Market Pulse

---

*Published by Economic Policy and Research, National Stock Exchange of India Ltd. Copyright © 2026 by National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai 400 051 INDIA Any/all Intellectual Property rights in this report including without limitation any/all contents/information/data forming a part of this report shall at all times vest with NSE. No part of this report may be sold/distributed/licensed/produced/transmitted in any form or manner by any means (including without limitation - electronic, mechanical, photocopying, recording or otherwise) to any person/entity whatsoever without the prior written permission of NSE. Extracts from this report may be used or cited provided that NSE is duly notified and acknowledged as the source of such extract. This report is intended solely for information purposes. This report is under no circumstances intended to be used or considered as financial or investment advice, a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The Report has been prepared on best effort basis, relying upon information obtained from various sources. NSE does not guarantee the completeness, accuracy and/or timeliness of this report neither does NSE guarantee the accuracy or projections of future conditions from the use of this report or any information therein. In no event, NSE, or any of its officers, directors, employees, affiliates, or other agents are responsible for any loss or damage arising out of this report. All investments are subject to risks, which should be considered prior to making any investments.*

2/327

<!-- Page 4 -->

![](img_p4_1.png)

**Market Pulse**

September 2026 | Vol. 8, Issue 9

**NSE at a glance**

**NSE's positioning and reach**

| NSE's global positioning | Domestic market share | Reach |
|---|---|---|
| Largest multi-asset class | 1,330 | Trading members |

**1 Three-month rolling share (%)**

exchange 99+% Pin codes covered

EQ Cash 92.2

Third largest equity exchange 13.5 Crore Unique registered PANs

**3** by no. of trades (10.6% share Total passive AUM (domestic

EQ Futures 99.8

in FY27TD\* as per WFE) US$99.2bn\* + global) tracking Nifty

EQ Options\* 68.6 indices

Largest derivatives exchange by

**1** contracts traded (FY27TD\* US$5.14trn Market cap of listed entitles

FX Futures 100.0

share: 50.2% in eq. F&O (WFE) As of August 31st, 2026, unless specified otherwise; \*As

of July 31st, 2026. **9 Market capitalization\*** FX Options\* 100.0 ^Represents the aggregate market value of all equity

shares traded on NSE and units of Listed REITs and \* Based on premium turnover InvITs traded on NSE as on the las

2.9 s · one run · 6,372 pipes · 265 headings

The first 4,000 characters of the output. The full result is not republished here: the source document is NSE’s.

<!-- Page 1 -->



<!-- Page 2 -->

# Market Pulse

September 2026 | Vol. 8, Issue 9

## Market Pulse

### Volume 8, Issue 9

This publication is issued monthly by the Economic Policy and Research (EPR) department of the National Stock Exchange of India Limited. It is a review of major developments in the economy and financial markets and market statistics for the month gone by, insights from cited academic research papers and topical research articles.

**Authors** *Tirthankar Patnaik, PhD* *Prerna Singhvi, CFA* *Prosenjit Pal* *Ashiana Salian* *Sushant Hede* *Stuti Bakshi* *Puja Parmar, PhD* *Aratrik Chakraborty* *Sahil Bagdi* *Anuska Mukherjee* *Anoushka Singh*

Past editions of Market Pulse can be accessed at <u>[https://www.nseindia.com/research/publications-reports-nse-](https://www.nseindia.com/research/publications-reports-nse-) market-pulse</u>

#### NATIONAL STOCK EXCHANGE OF INDIA LIMITED

1/327


<!-- Page 3 -->

# Market Pulse

## September 2026 | Vol. 8, Issue 9

# Market Pulse

*Published by Economic Policy and Research, National Stock Exchange of* *India Ltd.* *Copyright © 2026 by National Stock Exchange of India Ltd. (NSE)* *Exchange Plaza, Bandra Kurla Complex* *Bandra (East), Mumbai 400 051 INDIA*

*Any/all Intellectual Property rights in this report including without* *limitation any/all contents/information/data forming a part of this report* *shall at all times vest with NSE. No part of this report may be* *sold/distributed/licensed/produced/transmitted in any form or manner by* *any means (including without limitation-electronic, mechanical,* *photocopying, recording or otherwise) to any person/entity whatsoever* *without the prior written permission of NSE. Extracts from this report may* *be used or cited provided that NSE is duly notified and acknowledged as* *the source of such extract.*

*This report is intended solely for information purposes. This report is under* *no circumstances intended to be used or considered as financial or* *investment advice, a recommendation or an offer to sell, or a solicitation* *of any offer to buy any securities or other form of financial asset. The* *Report has been prepared on best effort basis, relying upon information* *obtained from various sources. NSE does not guarantee the completeness,* *accuracy and/or timeliness of this report neither does NSE guarantee the* *accuracy or projections of future conditions from the use of this report or* *any information therein. In no event, NSE, or any of its officers, directors,* *employees, affiliates, or other agents are responsible for any loss or* *damage arising out of this report. All investments are subject to risks,* *which should be considered prior to making any investments.*

2/327


<!-- Page 4 -->

# Market Pulse

#### September 2026 | Vol. 8, Issue 9

### NSE at a glance

##### NSE’s positioning and reach

##### NSE’s global positioning Domestic market share Reach

Largest multi-asset class 1,330 Trading members **Three-month rolling share (%)** **1**

|99+%|Pin codes covered|
|---|---|
|13.5 Crore|Unique registered PANs Total passive AUM (domestic|
|US$99.2bn*|+ global) tracking Nifty indices|
|US$5.14trn|Market cap of listed entitles|

exchange

|EQ Cash EQ Futures|||92.2 99.8|
|---|---|---|---|
|EQ Options* FX Futures||68.6|100.0|
|FX Options*|||100.0|
|* Based on premium turnover st ** As of August 31, 2026 Rs 23,993 crore Total capital raised|NSE’s contribution to the economy SME Listing snapshot|||
|through SME IPOs|748|||
|since|SME IPOs|||
|inception (till July 2026) (in lakh)|Investor growth Individual investors’ participation* CM|FO|164 Migration to Main Board|
|400 350|||353 358 359|
|||282||
|300 250||250||
||198|||
|200||||
|150|111||108|
|76 100|76|75|92 85|
|58||59||
|47|35|||
|50 10 8 7 0|18 12|||

##### Third largest equity exchange

## 3by no. of trades (10.6% share

in FY27TD* as per WFE)

Largest derivatives exchange by

## 1contracts traded (FY27TD*

share: 50.2% in eq. F&O (WFE) As of Aug

2.7 s · one run · 2,627 pipes · 350 headings

The first 4,000 characters of the output. The full result is not republished here: the source document is NSE’s.

<!-- Page 1 -->

<!-- Page 2 -->

## Market Pulse

September 2026 | Vol. 8, Issue 9



### Market Pulse

#### Volume 8, Issue 9

This publication is issued monthly by the Economic Policy and Research (EPR) department of the National Stock Exchange of India Limited. It is a review of major developments in the economy and financial markets and market statistics for the month gone by, insights from cited academic research papers and topical research articles.

Authors

Tirthankar Patnaik, PhD Prerna Singhvi, CFA Prosenjit Pal Ashiana Salian Sushant Hede Stuti Bakshi Puja Parmar, PhD Aratrik Chakraborty Sahil Bagdi Anuska Mukherjee Anoushka Singh

Past editions of Market Pulse can be accessed at https://www.nseindia.com/research/publications-reports-nsemarket-pulse

##### NATIONAL STOCK EXCHANGE OF INDIA LIMITED

###### 1/327



<!-- Page 3 -->

## Market Pulse

September 2026 | Vol. 8, Issue 9



## Market Pulse

Published by Economic Policy and Research, National Stock Exchange of India Ltd. Copyright © 2026 by National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai 400 051 INDIA

Any/all Intellectual Property rights in this report including without limitation any/all contents/information/data forming a part of this report shall at all times vest with NSE. No part of this report may be sold/distributed/licensed/produced/transmitted in any form or manner by any means (including without limitation - electronic, mechanical, photocopying, recording or otherwise) to any person/entity whatsoever without the prior written permission of NSE. Extracts from this report may be used or cited provided that NSE is duly notified and acknowledged as the source of such extract.

This report is intended solely for information purposes. This report is under no circumstances intended to be used or considered as financial or investment advice, a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The Report has been prepared on best effort basis, relying upon information obtained from various sources. NSE does not guarantee the completeness, accuracy and/or timeliness of this report neither does NSE guarantee the accuracy or projections of future conditions from the use of this report or any information therein. In no event, NSE, or any of its officers, directors, employees, affiliates, or other agents are responsible for any loss or damage arising out of this report. All investments are subject to risks, which should be considered prior to making any investments.

###### 2/327



<!-- Page 4 -->

## Market Pulse

September 2026 | Vol. 8, Issue 9



###### NSE at a glance

###### NSE’s positioning and reach

##### NSE’s global positioning Domestic market share Reach 1 Largestexchangemulti-assetclass 3

1,330 Trading members 99+% Pin codes covered 13.5 Crore Unique registered PANs

###### Three-month rolling share (%)

EQ Cash

92.2

Third largest equity exchange by no. of trades (10.6% share in FY27TD* as per WFE)

Total passive AUM (domestic

EQ Futures

99.8

US$99.2bn*

+ global) tracking Nifty indices

EQ Options*

68.6

Largest derivatives exchange by contracts traded (FY27TD* share: 50.2% in eq. F&amp;O (WFE)

##### 1

US$5.14trn Market cap of listed entitles

FX Futures

100.0

As of August 31st, 2026, unless specified otherwise; *As of July 31st, 2026.

9 Marketcapitalization*

FX Options*

100.0

^Represents the aggregate market value of all equity shares traded on NSE and units of Listed REITs and InvITs traded on NSE as on the last trading day of the relevant period/year

-  Based on premium turnover
- * As of August 31st, 2026


*Source: WFE (Data is as of July 2026)

###### NSE’s contribution to the economy

###### Catalyst for capital formation SME Listing snapshot Market capitalisation

|136<br><br>0<br><br>100<br><br>200<br><br>0<br><br>100<br><br>200<br><br>300<br><br>400<br><br>500<br><br>FY17 FY19 FY21 FY23 FY25 FY

1.5 s · one run · 98 pipes · 22 headings

The first 4,000 characters of the output. The full result is not republished here: the source document is NSE’s.

<!-- PAGE_BREAK -->
September 2026 | Vol. 8, Issue 9 

### Market Pulse 

#### Volume 8, Issue 9 

This publication is issued monthly by the 

Economic Policy and Research (EPR) department 

of the National Stock Exchange of India Limited. It 

is a review of major developments in the economy 

and financial markets and market statistics for the 

month gone by, insights from cited academic 

research papers and topical research articles. 

**Authors** 

_Tirthankar Patnaik, PhD_ 

_Prerna Singhvi, CFA_ 

_Prosenjit Pal_ 

_Ashiana Salian_ 

_Sushant Hede_ 

_Stuti Bakshi_ 

_Puja Parmar, PhD_ 

_Aratrik Chakraborty_ 

_Sahil Bagdi_ 

_Anuska Mukherjee_ 

_Anoushka Singh_ 

Past editions of Market Pulse can be accessed at 

**https://www.nseindia.com/research/publications-reports-nse-** 

**market-pulse** 

##### NATIONAL STOCK EXCHANGE OF INDIA 

##### LIMITED 


<!-- PAGE_BREAK -->
September 2026 | Vol. 8, Issue 9 

## Market Pulse 

 Published by Economic Policy and Research, National Stock Exchange of India Ltd. Copyright © 2026 by National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai 400 051 INDIA 

 Any/all Intellectual Property rights in this report including without limitation any/all contents/information/data forming a part of this report shall at all times vest with NSE. No part of this report may be sold/distributed/licensed/produced/transmitted in any form or manner by any means (including without limitation - electronic, mechanical, photocopying, recording or otherwise) to any person/entity whatsoever without the prior written permission of NSE. Extracts from this report may be used or cited provided that NSE is duly notified and acknowledged as the source of such extract. 

 This report is intended solely for information purposes. This report is under no circumstances intended to be used or considered as financial or investment advice, a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The Report has been prepared on best effort basis, relying upon information obtained from various sources. NSE does not guarantee the completeness, accuracy and/or timeliness of this report neither does NSE guarantee the accuracy or projections of future conditions from the use of this report or any information therein. In no event, NSE, or any of its officers, directors, employees, affiliates, or other agents are responsible for any loss or damage arising out of this report. All investments are subject to risks, which should be considered prior to making any investments. 


<!-- PAGE_BREAK -->
September 2026 | Vol. 8, Issue 9 

###### NSE at a glance 

**NSE’s positioning and reach** 

**NSE’s global positioning Domestic market share Reach** 

##### 1 

 Largest multi-asset class exchange 

##### 3 

 Third largest equity exchange by no. of trades (10.6% share in FY27TD* as per WFE) 

##### 1 

 Largest derivatives exchange by contracts traded (FY27TD* share: 50.2% in eq. F&O (WFE) 

##### 9 Market capitalization* 

 *Source: WFE (Data is as of July 2026) * Based on premium turnover ** As of August 31st, 2026 

 1,330 Trading members 99+% Pin codes covered 13.5 Crore Unique registered PANs 

 US$99.2bn* 

 Total passive AUM (domestic + global) tracking Nifty indices 

 US$5.14trn Market cap of listed entitles As of August 31st, 2026, unless specified otherwise; *As of July 31st, 2026. ^Represents the aggregate market value of all equity shares traded on NSE and units of Listed REITs and InvITs traded on NSE as on the last trading day of the relevant period/year 

**NSE’s contribution to the economy** 

**Catalyst for capital formation SME Listing snapshot**^ **Market capitalisation** 

 #Companies including AMCs and ITP listing as of August 2026 

 ^Represents the aggregate market value of all equity shares traded on NSE and units of Listed REITs and InvITs traded on NSE as on the last trading day of the rele

0.5 s · one run · 98 pipes · 2 headings

The first 4,000 characters of the output. The full result is not republished here: the source document is NSE’s.

<!-- Page 1 -->



<!-- Page 2 -->

Market Pulse
September 2026 | Vol. 8, Issue 9
1/327
Market Pulse
Volume 8, Issue 9
This publication is issued monthly by the
Economic Policy and Research (EPR) department
of the National Stock Exchange of India Limited. It
is a review of major developments in the economy
and financial markets and market statistics for the
month gone by, insights from cited academic
research papers and topical research articles.
Authors
Tirthankar Patnaik, PhD
Prerna Singhvi, CFA
Prosenjit Pal
Ashiana Salian
Sushant Hede
Stuti Bakshi
Puja Parmar, PhD
Aratrik Chakraborty
Sahil Bagdi
Anuska Mukherjee
Anoushka Singh
Past editions of Market Pulse can be accessed at
https://www.nseindia.com/research/publications-reports-nse-
market-pulse
NATIONAL STOCK EXCHANGE OF INDIA
LIMITED

<!-- Page 3 -->

Market Pulse
September 2026 | Vol. 8, Issue 9
2/327
Market Pulse
Published by Economic Policy and Research, National Stock Exchange of
India Ltd.
Copyright © 2026 by National Stock Exchange of India Ltd. (NSE)
Exchange Plaza, Bandra Kurla Complex
Bandra (East), Mumbai 400 051 INDIA
Any/all Intellectual Property rights in this report including without
limitation any/all contents/information/data forming a part of this report
shall at all times vest with NSE. No part of this report may be
sold/distributed/licensed/produced/transmitted in any form or manner by
any means (including without limitation - electronic, mechanical,
photocopying, recording or otherwise) to any person/entity whatsoever
without the prior written permission of NSE. Extracts from this report may
be used or cited provided that NSE is duly notified and acknowledged as
the source of such extract.
This report is intended solely for information purposes. This report is under
no circumstances intended to be used or considered as financial or
investment advice, a recommendation or an offer to sell, or a solicitation
of any offer to buy any securities or other form of financial asset. The
Report has been prepared on best effort basis, relying upon information
obtained from various sources. NSE does not guarantee the completeness,
accuracy and/or timeliness of this report neither does NSE guarantee the
accuracy or projections of future conditions from the use of this report or
any information therein. In no event, NSE, or any of its officers, directors,
employees, affiliates, or other agents are responsible for any loss or
damage arising out of this report. All investments are subject to risks,
which should be considered prior to making any investments.

<!-- Page 4 -->

Market Pulse
September 2026 | Vol. 8, Issue 9
3/327
NSE at a glance
NSE’s positioning and reach
NSE’s global positioning Domestic market share Reach
1 Largest multi-asset class
exchange
3
Third largest equity exchange
by no. of trades (10.6% share
in FY27TD* as per WFE)
1
Largest derivatives exchange by
contracts traded (FY27TD*
share: 50.2% in eq. F&O (WFE)
9 Market capitalization*
*Source: WFE (Data is as of July 2026) * Based on premium turnover
** As of August 31st, 2026
1,330 Trading members
99+% Pin codes covered
13.5 Crore Unique registered PANs
US$99.2bn*
Total passive AUM (domestic
+ global) tracking Nifty
indices
US$5.14trn Market cap of listed entitles
As of August 31st, 2026, unless specified otherwise; *As
of July 31st, 2026.
^Represents the aggregate market value of all equity
shares traded on NSE and units of Listed REITs and
InvITs traded on NSE as on the last trading day of the
relevant period/year
NSE’s contribution to the economy
Catalyst for capital formation SME Listing snapshot Market capitalisation
#Companies including AMCs and ITP listing as of
August 2026
^Represents the aggregate market value of all equity
shares traded on NSE and units of Listed REITs and
InvITs traded on NSE as on the last trading day of the
relevant period/year.
* Market cap to GDP is based on 3M avg. market cap
and nominal GDP for the last four quarters.
#Data for FY27TD is as o August 31st, 2026
Inv

0.6 s · one run · 98 pipes · 2 headings

The first 4,000 characters of the output. The full result is not republished here: the source document is NSE’s.

<!-- Page 1 -->



<!-- Page 2 -->

Market Pulse
September 2026 | Vol. 8, Issue 9
1/327
Market Pulse
Volume 8, Issue 9
This publication is issued monthly by the
Economic Policy and Research (EPR) department
of the National Stock Exchange of India Limited. It
is a review of major developments in the economy
and financial markets and market statistics for the
month gone by, insights from cited academic
research papers and topical research articles.
Authors
Tirthankar Patnaik, PhD
Prerna Singhvi, CFA
Prosenjit Pal
Ashiana Salian
Sushant Hede
Stuti Bakshi
Puja Parmar, PhD
Aratrik Chakraborty
Sahil Bagdi
Anuska Mukherjee
Anoushka Singh
Past editions of Market Pulse can be accessed at
https://www.nseindia.com/research/publications-reports-nse-
market-pulse
NATIONAL STOCK EXCHANGE OF INDIA
LIMITED

<!-- Page 3 -->

Market Pulse
September 2026 | Vol. 8, Issue 9
2/327
Market Pulse
Published by Economic Policy and Research, National Stock Exchange of
India Ltd.
Copyright © 2026 by National Stock Exchange of India Ltd. (NSE)
Exchange Plaza, Bandra Kurla Complex
Bandra (East), Mumbai 400 051 INDIA
Any/all Intellectual Property rights in this report including without
limitation any/all contents/information/data forming a part of this report
shall at all times vest with NSE. No part of this report may be
sold/distributed/licensed/produced/transmitted in any form or manner by
any means (including without limitation - electronic, mechanical,
photocopying, recording or otherwise) to any person/entity whatsoever
without the prior written permission of NSE. Extracts from this report may
be used or cited provided that NSE is duly notified and acknowledged as
the source of such extract.
This report is intended solely for information purposes. This report is under
no circumstances intended to be used or considered as financial or
investment advice, a recommendation or an offer to sell, or a solicitation
of any offer to buy any securities or other form of financial asset. The
Report has been prepared on best effort basis, relying upon information
obtained from various sources. NSE does not guarantee the completeness,
accuracy and/or timeliness of this report neither does NSE guarantee the
accuracy or projections of future conditions from the use of this report or
any information therein. In no event, NSE, or any of its officers, directors,
employees, affiliates, or other agents are responsible for any loss or
damage arising out of this report. All investments are subject to risks,
which should be considered prior to making any investments.

<!-- Page 4 -->

Market Pulse
September 2026 | Vol. 8, Issue 9
3/327
NSE at a glance
NSE’s positioning and reach
NSE’s global positioning Domestic market share Reach
1 Largest multi-asset class
exchange
3
Third largest equity exchange
by no. of trades (10.6% share
in FY27TD* as per WFE)
1
Largest derivatives exchange by
contracts traded (FY27TD*
share: 50.2% in eq. F&O (WFE)
9 Market capitalization*
*Source: WFE (Data is as of July 2026) * Based on premium turnover
** As of August 31st, 2026
1,330 Trading members
99+% Pin codes covered
13.5 Crore Unique registered PANs
US$99.2bn*
Total passive AUM (domestic
+ global) tracking Nifty
indices
US$5.14trn Market cap of listed entitles
As of August 31st, 2026, unless specified otherwise; *As
of July 31st, 2026.
^Represents the aggregate market value of all equity
shares traded on NSE and units of Listed REITs and
InvITs traded on NSE as on the last trading day of the
relevant period/year
NSE’s contribution to the economy
Catalyst for capital formation SME Listing snapshot Market capitalisation
#Companies including AMCs and ITP listing as of
August 2026
^Represents the aggregate market value of all equity
shares traded on NSE and units of Listed REITs and
InvITs traded on NSE as on the last trading day of the
relevant period/year.
* Market cap to GDP is based on 3M avg. market cap
and nominal GDP for the last four quarters.
#Data for FY27TD is as o August 31st, 2026
Inv