MARKET OVERVIEW :

Semi-annual Nifty Indices Rejig Result in Significant Inflows

Nifty indices rejig: HDFC Bank, Power Grid, PNB among stocks to see top inflows.

Semi-annual rejig of Nifty indices to result in significant inflows for HDFC Bank, Power Grid Corp, Shriram Finance, and Trent. Outflows expected for NTPC, Page Industries, and HDFC AMC.

Power Grid ($64 million), Shriram Finance ($59 million), Trent ($54 million), TVS Motor ($40million) and Punjab National Bank ($21 million) are the stocks that will see the top inflows (net of all passive indices) cumulatively.

On the other hand, NTPC ($46 million), Page Industries ($28 million), HDFC AMC ($25 million), IndusInd Bank ($23 million), ACC ($19 million) and Indus Tower ($14 million) are the stocks that will see top outflows due to the Nifty Indices rejig

Adani Enterprises, HDFC Bank, Axis Bank, ITC and Tata Consumer are the stocks that will see their weight up in the Nifty 50 index. On the other hand, the weight of Adani Ports, Wipro, JSW Steel, Reliance Industries and Infosys will go down in the Nifty 50 index, In the Nifty 50 index, major inflows are in Adani Enterprises ($21 million), HDFC Bank ($19 million) and Axis Bank ($11 million) while significant weight reduction led outflows are in Adani Ports ($14 million), Wipro ($12 million) and JSW Steel ($8 million).

In the Nifty Bank index, inflows will be seen in HDFC Bank ($70 million) and Kotak Mahindra Bank ($21 million) while key outflows will be seen in IndusInd Bank ($23 million), Axis Bank ($14 million), ICICI Bank ($11 million) and Bank of Baroda ($10 million).