Nuvama's strategists predict Shriram Finance Ltd may enter Nifty50 in March 2024, possibly replacing UPL. This change could bring $217 million inflow to Shriram and $114 million outflow from UPL. The official list for the Nifty 50 rejig will be announced in late February 2024. Additionally, Nuvama suggests a medium to high chance for Canara Bank to replace Bandhan Bank in the March 2024 review.
“Its important to note that Canara Bank must maintain a position above INR 440 or O/P Bandhan Bank or else it will miss the chance. As per our analysis, Canara Bank is well-positioned for MSCI Std Index inclusion in the Feb 2024 Review, necessitating a 15%+ gain by mid-January for this to play out,” Nuvama said in its note.
Nuvama anticipates potential inclusions of Jio Financial Services, IRFC, Power Finance Corp, Polycab, Adani Power, with REC Ltd, Macrotech Developers (Lodha), and HDFC AMC on the brink for Nifty Next 50 inclusion.
Expected exclusions encompass Shriram Finance, Adani Wilmar, Muthoot Fin, Bosch Ltd, and Zydus Life from the Nifty Next 50 index. No anticipated alterations are foreseen in the Nifty IT Index, as per the brokerage's outlook.
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