In a recent note regarding the upcoming Nifty rejig, Nuvama Institutional Equities stated that Indian Railway Finance Corp Ltd, Adani Power Ltd, and Jio Financial Services Ltd (JFS) may join Nifty Next 50 in the March rejig. It also noted that there is a slight chance that Polycab India Ltd and Union Bank of India will be added to the index in the rejig, with an announcement expected by the second half of February. The revision will take effect on March 31 and the deadline is January 31.
Adani Wilmar Ltd., PI Industries Ltd., Adani Wilmar Ltd., Procter & Gamble Hygiene, and Health Care Ltd. are anticipated to leave the index; Colgate-Palmolive Ltd. and Info Edge may also drop out of the Nifty Next 50.
The firm believes that Bandhan Bank Ltd. would be replaced by Canara Bank in the Nifty Bank index, while Shriram Finance Ltd. will replace UPL in the Nifty index. The Nifty IT index has not changed, according to Nuvama.
The brokerage anticipates Tata Technologies Ltd., Indian Overseas Bank (IOB), Sulzon Energy Ltd., SJVN Ltd., UCO Bank, JSW Infra, and IREDA to be included in the larger Nifty Midcap 150. The companies Trident Ltd., Pfizer Ltd., Blue Dart Ltd., Relaxo, and Rajesh Exports may be excluded from the Nifty150.
Sulzon Energy Ltd., IOB, UPL, Tata Technologies, and Muthoot Finance may be included in the Nifty Midap 100, according to Nuvama. It anticipates that the Nifty Midcap 50 would include, among others, PI Industries, Union Bank, and Macrotech Developers Ltd. (Lodha). ZEE Entertainment Enterprises Ltd (ZEEL), Bata India Ltd, REC, PFC, and Polycab India are possible exclusions, according to Nuvama.
Regarding the wider indices, the brokerage stated the following:
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