BSE Indices Rejig: Not Adani Ent But This Adani Stock To Replace Wipro On Sensex; REC, Canara, Trent Shuffled

In one of the major development, the Bombay Stock Exchange (BSE) has announced the reconstitution results of its indices including BSE Sensex. For the first time ever, Adani Ports and Special Economic Zone (ASPEZ) becomes the first Adani stock to enter Sensex, replacing Azim Premji's IT giant Wipro. This is part of BSE's semi-annual rejigs and will come into effect from June 24, 2024.

As per BSE's statement, Adani Ports and Special Economic Zone (ASPEZ) is going to replace Wipro on Sensex, becoming the 30th stock of the benchmark and first of Adani Group.

Sensex is the main benchmark of BSE with top 30 most well-established and financially sound companies listed on the exchange.

Although, market participants hoped for Adani Enterprises to enter the Sensex index list, however, the ports-to-power empire's cash-cow Adani Ports emerged as the first choice of BSE. Not to forget, Adani Ports has received massive inflows from global investors since late 2022 with GQG Partners being at the top of the chain.

Also, Adani Ports was one of the few stocks that shrugged off the severe impact of Hindenburg report that led to 100 billion dollars of market rout in early 2022. Adani Ports in fact have outperformed its counterparts and several other Adani stocks.

YTD, Adani Ports share price gained by 35%, while Adani Enterprises surged by 16%. Not just that, in a year, Adani Ports outperformed with 95% upside versus Adani Enterprises which soared by 33.5%.

Either way, Adani Ports entry to Sensex is a good news for Adani Group, however, a drawback for Wipro as outflows are likely to happen in the stock with its exit from the benchmark.

Earlier, as per Angel Broking, Wipro is set to experience significant outflows due to its exclusion from the Sensex. Further, the brokerage explained that Index Sensex 30 signals strong investor confidence in the stocks and inflows worth approximately Rs.1,000 crores from the passive funds, whereas the exclusion of Wipro Ltd.' expects outflows suggests a loss in investors' interest in the stock.

Apart from Sensex, a host of stocks were rejigged in other indices.

BSE 100:

Stocks like REC, HDFC Asset Management Company, Canara Bank, Cummins India, and Punjab National Bank are included.

While these stocks will replace Page Industries, SBI Cards and Payment Services, ICICI Prudential Life Insurance Company, Jubilant FoodWorks, and Zee Entertainment Enterprises as they are going to be dropped from the index.

BSE Sensex 50:

On this index, Tata Group-backed retail company, Trent Ltd will be added, while Divi's Laboratories will be excluded.

BSE Sensex Next 50:

Stocks like REC, PNB, Divi's Lab, HDFC AMC, Canara Bank, and Cummins India will be included. While they will replace stocks like Trent, Page Industries, SBI Cards and Payment Services, ICICI Prudential Life Insurance, Jubilant FoodWorks, and Zee Entertainment Enterprises on the index.

BSE Bankex:

Surprisingly, Yes Bank and Canara Bank will be added to BSE Bankex, in place of AU Small Finance Bank and IDFC First Bank.

BSE (formerly Bombay Stock Exchange) established in 1875, is Asia's first & now the world's fastest Stock Exchange with a speed of 6 microseconds. BSE is India's leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.