BSE shares nosedived 9% today; Angel One, CDSL, 360 ONE WAM hit hard

Shares of BSE Ltd resumed downtrend in Tuesday's trade after taking a pause on Monday. Similar was the case with Angel One that declined after edging higher in the previous session. While BSE has been in focus these days amid the SEBI's barring of Jane Street and its entities from accessing Indian securities market, Angel One fell as its June quarter business update disappointed investors. A couple of other capital markets stocks such as CDSL (BSE among shareholders) and 360 ONE WAM also declined. Nuvama Wealth Management was flat.

BSE shares fell 9.14 per cent to Rs 2,395 on NSE. Angel One slumped 6.68 per cent to hit a low of Rs 2,607.55, but recovered some ground as the session progressed. CDSL shares fell 1.52 per cent to Rs 1,751.50. 360 ONE WAM declined 2.4 per cent to 1,219.65. It tanked 6 per cent in the morning session.

SEBI on Monday said nearly 91 per cent of individual traders incurred net loss in equity derivatives segment (EDS) in FY2025. It noted that index options turnover, year on year, was down by 9 per cent (in premium terms) and 29 per cent (in notional terms) between December 2024 and May 2025. Turnover of individuals in premium terms in EDS is down by 11 per cent year on year during the same period.  

The market regulator said trends in turnover of index options will continue to be observed from the perspective of ensuring investor protection and market stability.

The comment came in wake of the regulator's ban on Jane Street and its entities from Indian market. Foreign brokerage Jefferies believes Jane Street’s exit from the Indian markets may have a manageable impact. Based on its interactions with market participants, Jefferies said that while trading volumes might see a short-term dip, the gap could be filled by proprietary and high-frequency traders, especially as potentially manipulative activity subsides.

Specifically for BSE, where derivatives contribute 58 per cent to FY26 revenue, Jefferies noted that foreign portfolio investors (FPIs) account for only 3–4 per cent of derivatives turnover, with Jane Street estimated to be a small subset of that — around 1 per cent. 

“Hence, we see a limited impact of JS on BSE’s earnings. A 100 basis points impact on our FY26 premium estimates would impact EPS by just 60–70 basis points,” it said.

However, the brokerage expects a relatively higher earnings impact for Nuvama due to its greater exposure to clients like Jane Street in its asset services and investment execution segments.

Nuvama Wealth Management Ltd shares were flat at Rs 7,495.