BUZZ — AMSEC starts coverage of India's NSE with 'buy', cites market leadership

* Asian Markets Securities (AMSEC) starts coverage of India's National Stock Exchange with "buy" rating and price target of 2,170 rupees, implying a 21.6% upside from the stock's issue price * AMSEC cites NSEI's dominant liquidity, broad market infrastructure, and asset-light economics as key positives * Macquarie and PL Capital also initiate coverage of the stock with "outperform" and "accumulate" ratings, respectively * AMSEC's PT is the highest among the three so far * NSEI's scale creates network effects, deepens liquidity, and sustains industry-leading profitability, says AMSEC * Transaction charges remain the main earnings driver, but co-location, connectivity, data, index licensing, commodities, and GIFT City broaden revenue, according to the brokerage * NSEI listed at a 0.84% premium over issue price on Thursday, gains as much as 5% in debut trade (Reporting by Bharath Rajeswaran in Bengaluru) ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;)