Nifty rejig impact: Adani Enterprises, Adani Ports shares fall; $95 million outflows likely
Nifty 50, Nifty Bank, and Nifty IT are among the key indices tracked by passive index funds and would see a rebalancing as part of the quarterly review. The changes will come into effect from Friday.
Among Nifty stocks, The weightage of Adani Enterprises may reduce to 0.8% from 1%, while that of Adani Ports to 0.8% from 0.9%. Adani Enterprises is likely to see outflows of $71 million while Adani Ports will see outflows of $24 million, according to analysts’ predictions.
Shares of Adani Enterprises and Adani Ports fell 0.6% and 0.3%, respectively ahead of the rebalancing.
Another index major Tata Consultancy Services will also see a drop in its weightage, resulting in outflows of $12 million.
Larsen & Toubro will also see a drop in its weightage in the benchmark index to 4.4% from 4.5%.
Meanwhile, heavyweight HDFC Bank’s weightage is set to rise to 13.5% from 13.4%, while that of Bajaj Finance may increase to 2.1% from 2% earlier.
Reliance Industries and ICICI Bank will see a minor increase in their weightages.
The increase in the weightage of HDFC Bank could trigger passive inflows of $19 million, Bajaj Finance inflows of $32 million, and RIL $9 million, Nuvama Alternative and Quantitative Research had predicted in its report.
Besides these stocks, JSW Steel could also see an increase in its weightage on Nifty 50.
Meanwhile, HDFC Bank and RIL shares were up 0.1% and 0.6%, respectively.
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