Ahead of the mega IPO, investors in NSE’s unlisted shares have seen significantly higher gains than those who invested in the benchmark Nifty 50 over the same period.
A comparison between September 2021 and September 2026 shows that NSE’s unlisted shares have gained over 170%, while the Nifty 50 has risen 35%.
Here's how Nifty 50 performed
The Nifty 50, which tracks the performance of 50 blue-chip listed stocks on the NSE, stood at 17,353.50 on September 8, 2021. The index was last quoted at 23,431.50 on Wednesday, September 9, 2026.This represents a gain of around 35% over the period. However, the index has declined 10.32% in 2026, based on its level of 26,129.60 on December 31, 2025, and its latest level of 23,431.50.
The benchmark has struggled to reclaim the 24,000 level. According to Anand James, chief market strategist at Geojit Investments, the Nifty’s move below the rising trendline that had supported the index since April raises the risk of a deeper correction towards 23,260.
ALSO READ:Nifty could fall to 23,260 if it fails to reclaim 24,215: Anand James
At the same time, Elara Securities remains bullish on the Nifty despite the index’s prolonged stagnation. Its Managing Director and CEO Harendra Kumar said the 30,000 target is achievable over the next 15 months and expects 15%-20% market returns as the rupee stabilises, foreign investor flows turn positive and earnings hold up.
ALSO READ:Nifty 30,000 target still on track; why Elara’s Harendra Kumar prefers IT, power and smallcaps
Here's how NSE unlisted shares performed
In comparison, investors who held NSE’s unlisted shares have seen much higher gains over the same period. The unlisted shares of NSE were quoted at around ₹740 apiece on September 8, 2021. At current levels of around ₹2,000, the shares have gained 170.27%.This means NSE’s unlisted shares have delivered significantly higher returns than the Nifty 50 over the five-year period.
At current levels, an investment in NSE’s unlisted shares has more than doubled since September 2021, while the Nifty 50 has gained 35% over the same period.
Manan Doshi, co-founder of Unlisted Arena, said NSE’s unlisted shares have been a long-term outperformer and a wealth-creation opportunity, delivering multi-fold returns over the years.
“Investors who have maintained a long-term perspective have seen substantial value creation from NSE’s unlisted shares.”
That said, while the long-term gains have been significantly higher, NSE’s unlisted shares have remained largely stable over the past year.
According to data from Unlisted Arena, NSE’s unlisted share price was around ₹2,045 last year, compared with ₹2,000 currently, representing a decline of around 2%.
Doshi attributed the range-bound performance of NSE’s unlisted shares to subdued broader market conditions and the overhang arising from expectations of an IPO, which have weighed on near-term performance.
Disclaimer: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.
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Facts Only
* NSE’s unlisted shares gained over 170% between September 2021 and September 2026.
* The Nifty 50 rose approximately 35% over the same period.
* Nifty 50 was at 17,353.50 on September 8, 2021, and 23,431.50 on September 9, 2026.
* The Nifty index declined 10.32% in 2026 based on its level of 26,129.60 on December 31, 2025.
* NSE unlisted shares were quoted around ₹740 on September 8, 2021 and are currently around ₹2,000, representing a gain of 170.27%.
* NSE unlisted share price was around ₹2,045 last year compared with ₹2,000 currently, representing a decline of around 2% over the past year.
* Manan Doshi stated NSE’s unlisted shares delivered multi-fold returns over the years for long-term investors.
* NSE’s unlisted shares remained largely stable over the past year.
Executive Summary
Full Take
The discrepancy between the outperformance of unlisted shares and the benchmark Nifty highlights a structural divergence in market performance driven by the nature of asset class versus index tracking. The fact that unlisted shares delivered substantially higher returns suggests that wealth creation, particularly during periods of speculative growth, was concentrated outside the listed blue-chip segment. This outcome implies that investors prioritizing high-growth potential related to future IPOs or private valuations achieved superior outcomes compared to tracking established public indices.
The narrative surrounding the Nifty 50 involves conflicting views: cautious downside risk highlighted by market movement below support levels versus optimistic long-term targets set by some analysts, such as the 30,000 goal. This tension between short-term technical caution and long-term fundamental optimism reflects a broader market oscillation driven by external macroeconomic factors like foreign flows and earnings stability.
The stability observed in unlisted shares despite high historical growth suggests that while speculative gains are possible outside listed markets, current near-term performance is subject to unique pressures—specifically the overhang from IPO expectations which can suppress short-term momentum. The pattern suggests a cognitive split: long-term value creation via private assets versus short-term volatility in public benchmarks. What is unstated is the differing risk profiles inherent in these two investment venues and how investors reconcile superior historical returns with present stability.
Sentinel — Human
The text functions as standard financial reporting, presenting comparative historical data and expert commentary, although the concluding elements suggest aggregation from a high-volume news source.