BackNifty indices rejig: HDFC Bank, Power Grid, PNB among stocks to see top inflows; check full list here
Semi-annual rejig of Nifty indices to result in significant inflows for HDFC Bank, Power Grid Corp, Shriram Finance, and Trent. Outflows expected for NTPC, Page Industries, and HDFC AMC.
PremiumThe semi-annual rejig of Nifty indices will result in significant inflows in some stocks including HDFC Bank, Power Grid Corp of India, Shriram Finance and Trent while some others such as NTPC, Page Industries and HDFC Asset Management Company will be among those that will see an outflow of funds, said Abhilash Pagaria, the head of Nuvama Alternative & Quantitative Research.
The semi-annual rejig of Nifty indices will come into effect on September 29, with adjustments occurring on the day before on September 28.
According to Pagaria's analysis, HDFC Bank ($89 million), Power Grid ($64 million), Shriram Finance ($59 million), Trent ($54 million), TVS Motor ($40million) and Punjab National Bank ($21 million) are the stocks that will see the top inflows (net of all passive indices) cumulatively.
On the other hand, NTPC ($46 million), Page Industries ($28 million), HDFC AMC ($25 million), IndusInd Bank ($23 million), ACC ($19 million) and Indus Tower ($14 million) are the stocks that will see top outflows due to the Nifty Indices rejig.
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Adani Enterprises, HDFC Bank, Axis Bank, ITC and Tata Consumer are the stocks that will see their weight up in the Nifty 50 index. On the other hand, the weight of Adani Ports, Wipro, JSW Steel, Reliance Industries and Infosys will go down in the Nifty 50 index, said Pagaria.
In the Nifty 50 index, as per Pagaria, major inflows are in Adani Enterprises ($21 million), HDFC Bank ($19 million) and Axis Bank ($11 million) while significant weight reduction led outflows are in Adani Ports ($14 million), Wipro ($12 million) and JSW Steel ($8 million).
In the Nifty Bank index, inflows will be seen in HDFC Bank ($70 million) and Kotak Mahindra Bank ($21 million) while key outflows will be seen in IndusInd Bank ($23 million), Axis Bank ($14 million), ICICI Bank ($11 million) and Bank of Baroda ($10 million), according to Pagaria.
Read more: NSE rejigs Nifty indices. Check list of stocks to be included from 29 September
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