NSE Rejig: Shriram Finance, M&M To Drive $350 Million Inflows Into Nifty50
The Nifty50 may attract inflows worth $349 million, and the banking stocks may bring around $181 million due to the upcoming NSE rejig, according to Nuvama Alternative & Quantitative Research.
Nifty indices' semi-annual rejig will take effect on March 28, with adjustments occurring on March 27.
Shriram Finance Ltd., the only inclusion in the Nifty 50, is expected to bring in $260 million. Mahindra & Mahindra Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and Tech Mahindra Ltd., whose weights have increased in the benchmark, will cumulatively bring in $89 million.
UPL Ltd. being excluded from the benchmark would create an outflow of $95 million. Reliance Industries Ltd. and HDFC Bank Ltd., whose weightage has been reduced in the index, will see an outflow of $29 million, each.
HDFC Bank, IndusInd Bank Ltd., and Bank of Baroda Ltd. are expected to lead inflows in the Nifty Bank Index at $123 million, $18 million, and $9 million, respectively.
The public sector enterprise companies are expected to cumulatively bring in $94 million. NTPC and NHPC will lead the pact in the PSU space. The substantial outflows are at ONGC, Coal India, and Bharat Electronics Ltd.
On March 20, the National Stock Exchange informed that Indian Renewable Energy Development Agency Ltd.'s inclusion in the National Stock Exchange's key indices has been revoked due to non-compliance with the market regulator's portfolio concentration norms.
As Ireda breached one of the requirements of the Securities and Exchange Board of India's portfolio concentration norms for equity exchange-traded funds and index funds, the index maintenance sub-committee decided to revoke the earlier decision, the NSE said in a statement on March 19.
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