BSE Share Price Falls 3% On Nifty 50 Debut After Replacing Wipro; Stock Down 5% in 5 Days, Nuvama Cuts TP

BSE shares this morning are in the bear zone as the exchange has entered the Nifty 50 for the first time on Wednesday, September 30th, replacing IT major Wipro as part of the latest semi-annual index reshuffle.

BSE shares today are trading in the negative zone down by 3% at Rs. 3,103 apiece on the NSE at the time of writing. Over the last five days the stock has fallen 5.29%.

NSE announced this August 10 and became effective after the close of trading on September 29. BSE has seen a sharp rise in its market value over the past year.

Why Does BSE Qualify For Nifty 50?

BSE's inclusion was mainly because of its increase in free-float market capitalisation. According to the latest review data, BSE's six-month average free-float market capitalisation stood at around Rs. 1,40,879 crore, compared with Rs. 55,930 crore for Wipro.

Under the index methodology, BSE qualified because its six-month average free-float market capitalisation was at least 1.5 times that of the stock being replaced.

BSE has also moved out of the Nifty Midcap 150 and into the Nifty 100 as part of the reshuffle.

During the September 2025 review, Nuvama had assigned zero probability to BSE entering the Nifty 50 and had said there was almost no possibility of the exchange even making it into the Nifty Next 50.

BSE's entry into the Nifty 50 is happening after a rise in its share price and market capitalisation.

The Nifty 50 inclusion is also expected to increase demand for BSE shares. According to estimates from Axis Capital, index funds could buy around 15.7 million BSE shares, worth approximately $657 million.

Wipro Exits Nifty 50

While BSE makes its debut, Wipro has exited the Nifty 50 and moved to the Nifty Next 50. This morning Wipro shares today are trading 2.3% higher at Rs.160.39 apiece on the NSE.

Analysts had previously identified Wipro as one of the weaker candidates for retaining its place in the Nifty 50. However, its removal from the benchmark does not mean that the company has exited the broader Nifty 100 universe.

The reshuffle could result in estimated passive outflows from Wipro as funds tracking the Nifty 50 adjust their portfolios.

Brokerage Views On BSE

Despite the strong rally and index inclusion, brokerages have different views on BSE's near-term outlook. Macquarie is bullish on the exchange and said that the opportunities available to BSE could support around 16% revenue growth between FY26 and FY30.

Jefferies and Nuvama, meanwhile, have cited regulatory changes, CAS and trading-related risks. Nuvama downgraded BSE to Hold from Buy last month and reduced its target price to Rs. 3,240 from Rs. 4,090.

Nifty 100, Nifty Next 50 Also Reshuffled

The Nifty 100 has added BSE, Hitachi Energy India, Polycab India, Vedanta Aluminium Metal and Vodafone Idea.

The Nifty Next 50 has also undergone five changes, with Hitachi Energy India, Polycab India, Vedanta Aluminium Metal, Vodafone Idea and Wipro joining the index.