MCX shares slip after hitting record high; here's why the stock is in focus

Shares of Multi Commodity Exchange of India Ltd (MCX) slipped in Friday's trade after touching a record high of Rs 3,479.80 during the opening session. At last check, the stock was down 0.97 per cent at Rs 3,392.65. Despite the decline, MCX shares remained up 54.37 per cent on a year-to-date (YTD) basis.

The stock's initial rise came a day after capital markets regulator Sebi approved a slew of reforms aimed at deepening market participation, widening investment avenues and simplifying regulatory norms. The measures include greater access for foreign portfolio investors (FPIs) to commodity derivatives, an overhaul of portfolio management rules and allowing depository receipts against units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).

The move could be positive for MCX, as wider FPI access to commodity derivatives may expand participation in the segment and potentially support trading activity on the exchange.

The Sebi board approved the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026, replacing the existing 2020 framework. Under the revised framework, portfolio managers will be permitted to invest in initial public offerings (IPOs), primary market debt issuances and a wider range of overseas securities.

The regulator also allowed FPIs to participate in physically settled, non-agricultural commodity derivative contracts, subject to safeguards. FPIs will have to exit their positions at least three days before expiry, before the start of the tender period.

In another key decision, Sebi approved a proposal allowing REITs and publicly listed InvITs to issue Depository Receipts (DRs) in permissible overseas jurisdictions. The move is aimed at facilitating access to foreign capital for these investment vehicles.

The board also widened the pool of accredited investors by allowing individuals with securities market assets of Rs 5 crore and body corporates with such assets of Rs 20 crore to qualify, alongside the existing income and net-worth criteria.

Sebi also approved a common advertisement code for specified market intermediaries. Under the framework, intermediaries can use celebrities for brand-level or entity-level promotion, while endorsements of specific financial products or services will not be permitted.

Technical view on MCX

Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said, "MCX remains close to its all-time high, with technical indicators continuing to reflect a robust underlying trend. The Rs 3,300-3,200 zone should serve as an important support area, helping absorb any near-term weakness. While the counter sustains above this range, the broader outlook is expected to remain constructive. A decisive breakout above Rs 3,470-3,500 could trigger fresh buying momentum, allowing prices to move into uncharted territory and reinforcing the prevailing bullish bias over the short to medium term."

Ravi Singh, Chief Research Officer at Master Capital Services, noted that the stock is appearing strong on charts and has potential to hit an upside target of Rs 3,650 in the near term. Keep a stop loss placed at Rs 3,350 level, he added.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said, "Support is placed at Rs 3,300, while resistance is seen near Rs 3,500. A decisive move above Rs 3,500 could trigger a further upside towards Rs 3,600. The stock is expected to trade within the Rs 3,300-3,600 range in the short term."