MCX.NS is trading at 3.7% down now at $2804.70 after a sharp two-day pullback from its early-week rally. Jefferies recently initiated coverage with a Buy rating and ₹3,600 target, helping drive a more than 5% jump and an intraday high near ₹2,993 on July 1. Since then, the stock has slipped on profit‑taking and closed below VWAP on July 2, suggesting near‑term pressure after the upgrade‑driven surge.