HDFC Bank will likely be the second biggest gainer in the pack with inflows of $94 million and will be only behind Shriram Finance ($260 million) which makes its Nifty debut on Thursday replacing UPL. Meanwhile, Jio Financial Services will likely see inflows of $80 million and Adani Power inflows of $45 million, the Nuvama note said.
The rejig exercise will also see significant inflows in six other stocks viz. NTPC ($66 million), Power Finance Corporation (PFC, $45 million), REC ($43 million), Mahindra & Mahindra (M&M, $42 million) Bharti Airtel ($26 million) and Indian Railway Finance Corporation (IRFC $23 million).
As part of the rejig exercise, certain stocks are expected to witness outflows as well. The highest outflow is seen in the State Bank of India (SBI $103 million), UPL ($95 million), ICICI Bank ($77 million) and ONGC ($32 million).
Others which are likely to see outflows include PI Industries ($32 million), Coal India ($31 million), Reliance Industries (RIL, $29 million), Kotak Mahindra Bank ($21 million), Bharat Electronics (BEL, $1 million ) and Infosys ($16 million), Nuvama said in a note.
UPL will move out from the Nifty50 index as a result of Shriram Finance’s entry. In Nifty Bank key Inflows are in HDFC Bank ($123 million) and IndusInd Bank ($18 million) while key outflows are in SBI ($95 million), ICICI Bank ($57 million), Axis Bank ($15 million) and Kotak Bank ($14 million).In the CPSE Index, inflows will be seen in NTPC ($71 million), NHPC ($13 million), and NLC ($10million). The substantial outflows are in ONGC ($29 million), Coal India ($28 million), and BHEL ($20 million)
In the Nifty Next 50, the inclusions are Jio Fin ($80 million), Power Finance Company ($48 million), Adani Power ($45 million), REC ($45 million), and IRFC ($23 million). The exclusions will be Shriram Finance, PI Inds ($32 million), Muthoot Finance ($15 million), P&G Health ($12 million) and Adani Wilmar ($ 7 million).
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.