MCX Shares Fall as NSE Boosts Commodity Play: Exchange Stocks in Focus

18 March 2026| PL Capital

Lead Shares of Multi Commodity Exchange of India (MCX) fell up to 3% on 18 March 2026 after NSE’s Chief Business Development Officer announced the launch of gold 10 gm futures contracts, directly challenging MCX’s dominance in India’s commodity derivatives market.

NSE enters gold futures

Sriram Krishnan, CBDO of NSE, confirmed the launch to CNBC-TV18 on 18 March. “One can start trading the gold futures with 10% margin,” Krishnan said. The contracts allow delivery of gold coins at home.

At 2 pm, MCX shares were trading 1.7% lower at Rs 2,625.6 per share, having hit a day low of Rs 2,575.1. Volume on NSE stood at 57,48,986 shares. The day high was Rs 2,702.7.

More contracts on the way

Krishnan confirmed NSE’s near-term product pipeline. “Will launch electronic gold receipts, Brent crude and natural gas contracts soon,” he told CNBC-TV18.

NSE’s existing commodity contracts are gaining traction. Krishnan said electricity and WTI crude contracts “have been received well.” He also highlighted that margin fungibility at NSE allows traders to trade in commodities until midnight.

NSE IPO process advances in parallel

NSE last week appointed approximately 20 banks to work on its long-anticipated IPO. Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC, Citigroup and JPMorgan have been assigned key roles.

The exchange appointed Rothschild & Co. as an independent adviser last month to oversee the bank selection process. The IPO will consist entirely of an offer for sale, with existing investors expected to divest approximately 4% to 4.5% of the company’s equity. Based on unlisted market prices, the share sale could raise approximately $2.5 billion, according to Bloomberg News.

Outlook

NSE’s planned launch of electronic gold receipts, Brent crude and natural gas contracts will expand its commodity product suite further. The pace of contract additions and MCX’s response on pricing, liquidity and margin terms will determine how the competitive dynamic in India’s commodity derivatives market evolves.

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