BUZZ — India's NSE rises in debut trade, valued at $48 billion

* National Stock Exchange of India climbs 3% to 1,838.8 rupees in trading debut, valued at 4.56 trillion rupees ($47.55 billion) * Stock listed at 1,800 rupees on BSE, 0.84% above issue price of 1,785 rupees * NSE lists after $2.3 billion IPO, India's second-largest offering after Hyundai Motor India's 2024 issue * Modest listing gains reflect realistic market expectations, says Shivani Nyati, head of wealth at Swastika Investmart * More than 42 million shares change hands in less than three hours on debut day * Macquarie initiates coverage with "outperform", PL Capital with "accumulate" rating * Nyati says NSE's near-term earnings remain sensitive to market activity and regulatory shifts as 79% revenue tied to trading volumes ($1 = 95.8925 Indian rupees) (Reporting by Vivek Kumar M) ((VivekKumar.M@thomsonreuters.com;)