Zomato and Jio Financial Services will be added to the Nifty50 index in the upcoming semi-annual reshuffle on March 28. Bharat Petroleum Corporation and Britannia Industries will exit the index as part of these changes, affecting the Nifty50 Equal Weight index as well.
JM Financial estimates Zomato’s addition could bring $702 million in passive inflows, while Jio Financial Services’s arrival may attract $404 million. On the other hand, BPCL and Britannia Industries’ removal might lead to outflows of $240 million and $260 million respectively. NSE’s rebalancing details were disclosed post-market hours on Friday. Initially, there was speculation about Eicher Motors being replaced by Britannia Industries. Nevertheless, due to Britannia Industries’ weak performance in the last six months, it is likely to be excluded.
To qualify for the Nifty50 index, a stock must be part of the F&O segment. The index provider uses the average free float market cap from August to January for March rebalancing. Zomato and Jio Financial Services were added as their market capitalization exceeds that of the smallest exiting companies by at least 1.5 times.
Zomato and Jio Financial have market caps of ₹1,69,837 crore and ₹1,04,387 crore, respectively. Outgoing firms BPCL and Britannia stand at ₹60,928 crore and ₹64,151 crore. This marks the first inclusion of digital-era stocks in India’s top stock exchange index, with changes also seen in Nifty 100 and Nifty 200 reflecting a tech-savvy consumer base.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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