Adani Ports enters Sensex, Wipro exits as part of semi-annual rejig
Adani Ports shares entered the S&P BSE Sensex on Friday while Wipro made an exit from the 30-stock index as part of the semi-annual rejig. The adjustment happened after the market hours and the stock will start trading as a Sensex constituent from Monday.
With the inclusion of Adani Ports Special Economic Zone (APSEZ), passive inflows of $259 million is expected along with the addition of 14.9 million shares, according to Nuvama’s estimates.
On the other hand, Wipro’s exclusion could trigger outflows of $170 million.
Adani Ports shares have rallied nearly 98% over the last 12 months, though down from their 52-week highs of Rs 1,621.40 on the NSE. The stock’s returns are superior to those of Wipro, which has yielded 27% in the said period.
Minutes before the market closing time, Adani Ports shares were trading at Rs 1,489.75 on the NSE, up by Rs 20.35 or 1.38%. Meanwhile, Wipro shares were hovering near Rs 491, down by Rs 1.15 or 0.23%.
As part of the rejig exercise, seven stocks will likely see their weights go up in the index. These are Bharti Airtel, Infosys, Kotak Mahindra Bank, ICICI Bank, Tech Mahindra, Tata Steel and IndusInd Bank. With this, the passive inflows of $101 is expected.
On the other hand, an equal number of stocks will see their weights go down in the index viz. Mahindra & Mahindra (M&M), Reliance Industries (RIL), Bajaj Finserv, HDFC Bank, Maruti Suzuki, ITC and Larsen & Toubro (L&T). This would result in passive outflows of $178 million.
On Friday, there were adjustments in FTSE as well
