Nifty Rejigs: Adani, ITC, IRFC, REC, PFC, Other PSUs; List Of Stocks To Be Included & Excluded On March 28

Indian stock market will see the influence of stock-specific performance as NSE indices replacement of stocks will be effective from March 28, 2024. Some of the key changes are of exclusion of stocks like ITC, Paytm, and CG Power among others in Nifty Alpha 50, while they are replaced with biggies like Adani Green Energy, Adani Power, and Bajaj Auto among others. Major PSU stocks will also see inclusion and exclusion.

In its circular, NSE said, "Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make replacement of stocks in various indices on account of quarterly review as listed hereunder. These changes shall become effective from March 28, 2024 (close of March 27, 2024)."

Nifty Alpha 50:

The Nifty Alpha 50 index tracks the performance of 50 stocks with high Alphas in the last year.

Effective from March 28th, on this index, 12 stocks namely APL Apollo Tubes, CG Power and Industrial Solutions, Cholamandalam Investment and Finance Co, Escorts Kubota, IDFC First Bank, IDFC, ITC Ltd, Karnataka Bank, Mahindra & Mahindra Financial Services, One 97 Communications, Polycab India and Siemens will be excluded.

On the other hand, these stocks will be replaced by another 12 stocks with major ones being from Adani and Bajaj Group. These 12 stocks to be included in Nifty Alpha 50 are -- Adani Green Energy, Adani Power, Bajaj Auto, Dixon Technologies, DLF, General Insurance Corporation of India, Hindustan Copper, Jindal Stainless, Kalyan Jewellers, Lupin, Macrotech Developers, and Oracle Financial Services.

Nifty High Beta 50:

Weights of securities in the index are assigned based on the beta values. Security with the highest beta in the index is assigned the highest weight.

Here, 9 stocks will be excluded and included.

Among the excluded are -- Adani Energy Solutions, Angel One, Bajaj Finserv, Bajaj Finance, Cholamandalam Investment and Finance, Karnataka Bank, L&T Technology Service, Poonawalla Fincorp, and Zomato.

In the list of inclusions are -- Aarti Industries, Adani Power, Aditya Birla Capital, General Insurance Corporation of India, Hindustan Copper, Indian Railway Finance Corporation Ltd, Piramal Enterprises, REC, and Vodafone Idea.

Nifty Low Volatility 50:

The Nifty Low Volatility 50 Index tracks the performance of the least volatile securities listed on the NSE.

On this index, 3 stocks will be excluded and included in the latest round of rejig. Among the excluded are -- Berger Paints, Indian Oil Corporation, and Torrent Pharma. Meanwhile, they will be replaced by Avenue Supermarts, JSW Steel, and SRF.

Nifty 100 Low Volatility 30:

The Nifty100 Low Volatility 30 index tracks the performance of 30 stocks in the Nifty 100 with the lowest volatility in the last year.

Only one stock is excluded and that is Indian oil. The PSU will be replaced by Tata Group-backed gems & jewellery giant Titan Company.

Nifty100 Alpha 30:

The Nifty100 Alpha 30 Index consists of 30 companies from its parent Nifty 100 index, selected based on their 'alpha' scores.

A total of 9 stocks are excluded which are Axis Bank, Bharti Airtel, Cholamandalam Investment, IndusInd Bank, ITC Ltd, Jindal Steel & Power, Mahindra & Mahindra, Siemens, Ultratech Cement.

These stocks are replaced by 4 four Adani stocks namely Adani Enterprises, Adani Green, Adani Ports, and Adani Power. The other 5 stocks to be included are BPCL, Cipla, IRFC, REC Ltd, and Power Finance Corporation.

Nifty200 Alpha 30:

The Nifty200 Alpha 30 index consists of 30 stocks selected from its parent Nifty 200 based on 'Jensen's Alpha'. Stock weights are based on their alpha scores.

On this indice, a total of 8 stocks will be excluded and replaced. Stocks that are excluded are -- Alkem Laboratories, Apollo Tyres, Cholamandalam Investment and Finance, Coforge, Escorts Kubota, IDFC First Bank, Oberoi Realty, and Polycab India.

The inclusion of stocks on Nifty 200 Alpha 30 is -- Adani Ports and Special Economic Zone, Dixon Technologies, GMR Airports Infrastructure, HPCL, Indian Oil, Oracle Financial, Shriram Finance, and Torrent Pharma.

NSE Indices is a subsidiary of NSE, providing a variety of indices and index-related services for the capital markets. The company focuses on the index as a core product. The company owns and manages a portfolio of indices under the Nifty brand of NSE, including the flagship index, the Nifty 50.

Nifty equity indices comprise broad-based benchmark indices, sectoral indices, strategy indices, thematic indices, and customised indices. NSE Indices Limited also maintains fixed-income indices based on Government of India securities, corporate bonds, money market instruments and hybrid indices. Many investment products based on Nifty indices have been developed within India and abroad.