Shares of BSE Ltd tumbled 7.34 per cent in Friday’s trade to hit a low of Rs 2,613.10 amid market jitters following Sebi’s action against US-based trading firm Jane Street, which has been barred from Indian markets for alleged manipulation in equity derivatives.
Sebi has accused Jane Street of manipulating index levels on expiry days to make huge profits in index derivatives, especially Nifty and Bank Nifty options. The alleged manipulation resulted in illegal gains of Rs 4,843.57 crore, which the market regulator has ordered to be fully impounded and deposited into an escrow account.
Jane Street’s India footprint spans three registered foreign portfolio investors (FPIs): Jane Street Asia Trading Ltd (JSATL), Jane Street India Trading Pvt Ltd (JSITPL) and Jane Street Asia LLC (JSALLC). Though formally separate, Sebi’s investigation found they operated in perfect sync — buying and selling identical contracts simultaneously, a pattern not aligned with hedging or liquidity provision, but with market manipulation.
While one analyst noted that BSE has witnessed a sharp rally and may see some profit booking ahead, another pointed out that the stock has turned ‘bearish’ on the charts.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, observed that BSE has entered a consolidation phase following a sharp rally from its breakout zone near Rs 2,000. “The technical structure remains strong, though some profit-taking or a mild correction cannot be ruled out,” he said. Krishan added that Rs 2,500 level is likely to act as strong support, while a decisive move above Rs 2,900 could reignite bullish momentum.
According to Sebi-registered independent analyst AR Ramachandran, “The stock is bearish on daily charts with strong resistance at Rs 2,778. A daily close below the support of Rs 2,648 could lead to a downward target of Rs 2,469 in the near term.”
BSE shares have surged 46.37 per cent so far in 2025. Over the past year, the multibagger stock is up 223.19 per cent and has delivered a stellar 4,970.48 per cent return over the last five years.
Meanwhile, shares of Nuvama Wealth Management Ltd dropped 10.99 per cent to hit a day low of Rs 7,285 after Sebi took action against US-based trading firm Jane Street, which is Nuvama’s trading partner in India.
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