The index maintenance sub-committee of NSE Indices has implemented numerous adjustments to NSE indices, notably replacing UPL Ltd with Shriram Finance Ltd in Nifty50.
At least five stocks, namely Adani Power Ltd, Indian Railway Finance Corporation Ltd (IRFC), Jio Financial Services Ltd (JFS), Power Finance Corporation Ltd (PFC), and REC Ltd, have entered the list of the next 50 influential group.
Shriram Finance Ltd secured its place in Nifty50 due to having the highest six-month average free-float market capitalization within the eligible universe, serving as a replacement for UPL Ltd. These changes are set to become effective from March 28, at the close of March 27, 2024.
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Nuvama estimates suggest that Shriram Finance Ltd could experience $271 million in passive inflows due to its Nifty inclusion. On the other hand, UPL, excluded from the NSE barometer, might witness $100 million in outflows, according to Nuvama’s analysis.
In the reshuffling, Adani Wilmar Ltd, Jio Financial Services Ltd, Muthoot Finance Ltd, PI Industries Ltd, Procter & Gamble Hygiene & Health Care Ltd, and Shriram Finance Ltd were excluded from the Nifty Next 50.
Jio Financial Services Ltd is anticipated to attract $89 million in passive inflows, followed by Power Finance Corporation (PFC) ($48 million inflows), Adani Power ($45 million inflows), and REC ($45 million). IRFC is expected to see $23 million inflows. Conversely, PI Industries, Muthoot Finance, and Adani Wilmar may experience up to $32 million in outflows, as per Nuvama’s estimates.
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A comprehensive overhaul of the Nifty 500 index includes 34 changes. Notable additions such as AstraZeneca Pharma India Ltd, Indian Renewable Energy Development Agency Ltd, Honasa Consumer Ltd, Inox Wind Ltd, Jai Balaji Industries Ltd, and Jio Financial Services have been introduced.
Exclusions from the Nifty 500 index encompass Delta Corp Ltd, Infibeam Avenues Ltd, Nazara Technologies Ltd, Relaxo Footwears Ltd, TTK Prestige Ltd, V-Guard Industries Ltd, Vinati Organics Ltd, and Tata Technologies.
