NSE to rejig Nifty indices: Shriram Finance, HDFC Bank to see maximum inflows

Nifty rejig scheduled for March 28, adjustments to place today.

The semi-annual rebalancing of the Nifty indices is scheduled for March 28, with adjustments taking place on the 27th.

According to Nuvama Alternative and Quantitative Research, after the rejig, Shriram Finance, HDFC Bank, Jio Financial Services, NTPC, Adani Power, and Power Finance Corporation, and some other counters are expected to see total inflows of $652 million.

Shriram Finance and HDFC Bank are likely to receive the maximum inflows of up to $188 million and $94 million, while Bharti Airtel and IRFC are likely to receive the least inflows of $26 million and $23 million.

Nifty constituents that are likely to see outflows as part of the rejig include State Bank of India, UPL, ICICI Bank, ONGC, PI Industries, Coal India, Reliance Industries, Kotak Mahindra Bank, Bharat Electronics and Infosys.

Nuvama said that SBI is likely to record the maximum outflow of $103 million, while Infosys may see the least outflow at $16 million.

As part of the weightage changes on the Nifty 50 Index, Mahindra and Mahindra's weightage will rise to 1.8 percent from 1.7 percent and that of Bharti Airtel will rise to 3.3 percent from 3.2 percent.

In the Nifty Bank Index, HDFC Bank and IndusInd Bank will see maximum inflows.

In the CPSE Index, inflows will be seen in NTPC, NHPC, and NLC, while substantial outflow will be seen in ONGC, Coal India, and BEL.

The NSE rebalances its indices twice every year, and owing to this rejig, certain stocks are replaced by others.