The National Stock Exchange and Bombay Stock Exchange will remain closed on January 15, 2026, observing a trading holiday for Maharashtra civic body elections. The closure affects all trading segments including capital markets, debt, equity, and derivatives, requiring investors and traders to adjust their activities accordingly.

Exchange Holiday Announcements

The National Stock Exchange announced the trading holiday on January 12, clarifying that both capital market and debt segments would observe the closure. This announcement came after initial confusion when the exchange had previously indicated that trading would continue as normal.

The Bombay Stock Exchange similarly declared a holiday for both its equity and derivatives segments on January 15. Both exchanges have advised market participants to plan their trading activities accordingly and stay updated with any further notifications.

Maharashtra Civic Elections Overview

Elections to 29 civic bodies across Maharashtra will take place on January 15, with results scheduled for January 16. The electoral process encompasses significant scope across the state's municipal governance structure.

Political Significance

The elections hold particular importance as they represent the first Brihanmumbai Municipal Corporation election following the split between Shiv Sena and the Nationalist Congress Party. Additionally, the polls mark the first collaboration between Raj Thackeray's Maharashtra Navnirman Sena and Uddhav Thackeray's Shiv Sena (UBT), adding political significance to the municipal contests.

Market participants should note that normal trading operations will resume following the completion of the holiday period, with both exchanges expected to provide any additional updates regarding market schedules.

The National Stock Exchange IPO has moved closer to reality with market regulator SEBI in advanced stages of providing the No-Objection Certificate. Market expert Gurmeet Chadha from Complete Circle positions the upcoming public offering as a long-term compounding story rather than a listing-day trading opportunity.

Current Valuation and Market Position

NSE has demonstrated significant price movement in the unlisted market over recent years. The current trading dynamics reflect investor interest ahead of the public debut.

Chadha notes that at current levels, the stock trades at nearly 40 times earnings, indicating valuations that are "not very cheap" but remain attractive for patient investors. The exchange commands approximately 90% market share across several categories including cash markets, bulk deals, and derivatives.

Investment Perspective and Growth Trajectory

The Complete Circle Managing Partner emphasizes realistic expectations for future returns. NSE has already delivered multi-bagger gains since 2019, but the pace of exponential returns naturally moderates as the business scales up. Customer addition has accelerated sharply in recent years, though the larger base makes 10x returns unlikely from current levels.

"If you have to enter NSE, you have to take a more three to five-year view in terms of holding the stocks. It is a great stock to hold for long-term," Chadha stated. He expects strong interest from large institutions, endowment funds, and long-only investors, describing NSE as a "25-30% compounding machine."

Comparative Valuation Analysis

While NSE's valuation appears reasonable compared to local peers, global comparisons present a different picture. Most international exchanges including Nasdaq and London Stock Exchange trade at cheaper valuations relative to NSE's current metrics.

Business Fundamentals and Diversification

Recent quarterly performance showed profit softness, which Chadha attributes to one-off settlement-related costs and high base effects rather than core business weakness. Transaction charges continue to account for a large revenue share, though NSE is gradually diversifying through new products and platforms.

Emerging growth opportunities include:

• Electricity futures development
• Growing traction on MF Platform 2.0
• Value creation through subsidiaries like NSE Academy
• GIFT City operations expansion

Chadha believes short-term volatility around quarterly numbers should not concern long-term investors, given the robust underlying business fundamentals and the exchange's dominant market position across multiple segments.