The country’s largest private lender HDFC Bank is likely to see an inflow of $29 million on the back of quarterly rebalancing of NSE indices taking place today.
According to brokerage house Nuvama Alternative & Quantitative Research, along with HDFC Bank, ONGC, Adani Enterprises, ICICI Bank and Adani Ports & SEZ all together are expected to see total inflows worth $125 million.
The state-run oil explorer ONGC and Adani Group flagship company Adani Enterprises may see inflows worth $27 million each, the report said.
Moreover, ICICI Bank is expected to attract inflows worth $25 million followed by Adani Ports and SEZ worth $21 million.
Inflow of $19 million is expected in Coal India, $18 million in HDFC Life Insurance Company and $17 million in NTPC, added the brokerage.
On the other hand, stocks including BHEL, IndusInd Bank, Axis Bank, Reliance Industries, AU Small Finance Bank, Bank of Baroda, NHPC and JSW Steel are likely to witness outflows to the tune of $116 million.
“These changes shall become effective from June 30, 2023; adjustment will take place on June 29. The capping factor of stocks in all the Nifty Indices is realigned upon the change in equity, investible weighted factor (IWF), replacement of scrips in the index, periodic rebalancing and on a quarterly basis on the last trading day of March, June, September and December by taking into account closing prices as on T-3 basis, where T day is last trading day of March, June, September and December,” the Nuvama report said.
Nuvama projects the weight of HDFC Bank in the Nifty Bank index to rise from 26.3% at present to 27.3% after the rejig.
It also expects LTIMindtree to enter the Nifty50 index in place of HDFC after the financial heavyweight gets delisted after its merger with HDFC Bank.
Meanwhile, the Indian equity market hit record high levels on Wednesday led by strong buying across the board. The Sensex hit an all-time high level, crossing 64,000-mark, while the Nifty surged above 19,000 for the first time ever.
Read here: Nifty hits 19,000 for the first time; here’s why market is rallying today:
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 28 Jun 2023, 02:30 PM IST