NSE unlisted shares surged 170% to September 2026 levels while Nifty 50 gained 35%

Investors in National Stock Exchange (NSE) unlisted shares earned gains exceeding 170% from September 2021 to September 2026, a figure that vastly surpassed the 35% increase recorded by the Nifty 50 index during the same period. On September 8, 2021, the Nifty 50 stood at 17,353.50 and later quoted at 23,431.50 on September 9, 2026. The median return for Indian Small and Medium Enterprise (SME) IPOs in 2026 was just 3.9%, highlighting a disparity where only 65 of 126 tracked issues traded above their offer prices. Analyst Ritaban Basu from B2K Analytics noted that returns are driven by a few outliers rather than broad performance. The Securities and Exchange Board of India (SEBI) recently granted approval for the NSE's long-awaited initial public offering, marking a pivotal moment for the unlisted segment. Chief market strategist Anand James of Geojit Investments observed that the benchmark index fell 10.32% in 2026 after dropping below the 24,000 level.