Nifty quarterly rejig today: Bajaj Finance, HDFC Bank, ICICI Bank to see most inflows

The Nifty 50 has eked out close to 20 percent returns this year, marking its second best annual performance since 2017.

The National Stock Exchange will rebalance its equity indices by the end of trading hours on December 28. The Nifty 50 and the Nifty Bank will undergo rebalancing of constituents under the quarterly rejig.

A total of nine Nifty 50 stocks will see changes in their weightage. These include HDFC Bank, Bajaj Finance, ICICI Bank, Reliance Industries, JSW Steel, Adani Enterprises, Adani Ports, Larsen & Toubro and Tata Consultancy Services. 

While HDFC Bank’s weightage will rise to 13.5 percent from 13.4 percent, that of Bajaj Finance will be up at 2.1 percent from 2 percent. Reliance Industries and ICICI Bank will see a minor addition of 0.03 percent each to their weightage. JSW Steel's weightage will rise 0.02 percent.

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On account of the increase in weightage, Nuvama Alternative & Quantitative Research estimated increased inflows of up to $32 million for Bajaj Finance, $19 million for HDFC Bank, $11 million for ICICI Bank and $9 million each for RIL and JSW Steel.

As for Adani Enterprises, its weightage will decrease by 0.21 percent, while that for L&T and Adani Ports will come down by 0.09 percent and 0.07 percent. JSW Steel's weightage will also come down marginally by 0.03 percent.

Outflows for Adani Enterprises will likely be around $71 million, $30 million for L&T, $24 million for Adani Ports and $12 million for TCS.

On the other hand, Power Grid's weightage in the CPSE index will go to 20 percent from 19 percent earlier, while that of NTPC will fall to 20 percent from 20.8 percent. This will trigger inflows of $30 million for Power Grid and outflows of $23 million for NTPC, as per the Nuvama report.

Stocks like IDFC First Bank and ICICI Bank are also likely to see inflows worth $11 million and $7 million as part of an increase in their weightage in the Nifty Bank index, the report said.

The Nifty 50 has eked out close to 20 percent returns this year, marking its second best annual performance since 2017. The index is also set for the ninth straight year of delivering positive returns.

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