BSE share price declines 5% as SEBI shifts expiry date: Analysts trim their forward earnings estimates

Stock Market Today: BSE share price declined more than 5% in the morning trades on the NSE on Wednesday as the market regulator SEBI shifted the expiry date. Analysts have trimmed their forward earnings estimates as they expect some impact on volumes. MOFSL says that a shift in expiry will dent market share

Expiry date revisions

According to separate circulars released by both exchanges, the BSE said that its contracts will expire on Thursdays beginning September 1st, while the NSE changed the expiry date for its weekly and monthly derivatives contracts to Tuesday.

The BSE is moving its futures contracts' expiration date from Tuesday to Thursday. Monthly contracts will now terminate on the final Thursday of the month as of September 1. However, in accordance with the current schedule, contracts that are set to expire on or before August 31 will still expire on Tuesdays.

Analyst Views on change in Expiry days

Jefferies India Pvt. Ltd. said that the expiry day shift may impact volumes a tad. However, they also feel that there is scope to mitigate impact

SEBI has confirmed swapping of equity derivatives expiry days for NSE (to Tuesday) & BSE (to Thursday) w.e.f. 1-September-2025. Jefferies said that their interactions with market participants indicate a ~5-10% impact on vols in the near term and build-up thereafter. However, they added that BSE's ability to build liquidity in longer-term contracts can offset this impact, and implementation of common contract notes can aid market share in the cash segment. They have trimmed their earnings per share estimates by 1-2% to factor in slightly lower volumes. They have Hold Ratings on the stock

Motilal Oswal Financial Services Ltd. (MOFSL) on BSE, shifting the expiry of weekly contracts of Sensex from Tuesday to Thursday starting 01 September’25, said that "We note that this shift will lead to a loss in market share for BSE in terms of premium turnover, which stood at 22.6% in May’2025.

Each of the days accounts for 18-22% share in the week’s total premium volume, as of now, as per MOFSL, as BSE has a market share of 8% on Wednesday and Thursday and 21%, 24%, and 38% on Friday, Monday, and Tuesday, respectively. Overlaying the current trends on the day-wise share in volumes for the week, MOFSL expects a market share loss of 350-400 basis points for BSE.

MOFSL's premium average daily turnover (ADTO) projections for FY26 and FY27 have thereby been lowered from ₹15500 crore and ₹19000 crore to ₹13700 crore and ₹15700 crore. This results in a 9% and 12% decrease in Motilal Oswal Financial Services' earnings projections for FY26 and FY27.

BSE share price movement

The BSE share price that opened at ₹2525 dipped to intraday lows of ₹2500, which meant a decline of more than 5% in the intraday trades on Wednesday over the previous day's closing price of ₹2664. The BSE share price thereafter recovered and thereafter was trading more than 1% lower. 

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