The revised list, which will be effective from March 31, also incudes SRF, Indian Oil and Mindtree, which may see inflows of $47 million, $40 million and $33 million, respectively.
Market analysts noted that the new eligibility criteria has helped Nykaa and Paytm to get included in Nifty Next50. Amid worries over rich valuations, investors have dumped these new-age tech stocks.
“Constituents should have a minimum listing history of one calendar month as on the cut-off date vs earlier requirement of 3 months,” Abhilash Pagaria, Head, Alternatives research, Edelweiss Securities, said. “This has paved the way for stocks like Nykaa, Paytm, Policybazaar and Latent View which got listed after October 2021.”
NSE has announced shuffling in other indices including Nifty50, Nifty500, Nifty100 and Nifty 150 among others. The changes will also be applicable to Nifty50 Equal Weight Index, the nation’s largest bourse said in a media statement. Nifty50 is reconstituted twice every year in March and September.
Apollo Hospitals Enterprises will be the latest entrant in Nifty50 where it will replace Indian Oil Corporation (IOC).
Discover the stories of your interest
“In Nifty50, Apollo Hospital will see inflow of $143 million while Indian Oil will be removed and it will see outflow of $91 million,” Pagaria said.
In Nifty Bank index, Bank of Baroda will mark its entry, whereas RBL Bank will be excluded. “Within Nifty Bank, Bank of Baroda will gain $53 million while RBL Bank will see outflow of $23 million,” he added.
Apollo Hospitals, Hindustan Petroleum, Aurobindo Pharma, Yes Bank, Jindal Steel and Power and Indraprastha Gas are among those getting excluded from Nifty Next50 with a cumulative outflow of up to $175 million.
In Nifty Midcap100 index, ABB India, Clean Science, IDBI Bank, IEX, Max Health, PB Fintech, Trident and Yes Bank are among new inclusions, whereas Ajanta Pharma, Castrol India, City Union Bank, Hindustan Copper, IRFC, Pfizer will make an exit.
