NSE Indices March Rejig; Jio Financial, Zomato May Replace BPCL, Eicher On Nifty 50; $607-372 Mn Inflows Seen

The National Stock Exchange (NSE) is likely to re-balance its indices in February next year, which will come into effect from March 2025. In the upcoming rejig, brokerage JM Financial is predicting the inclusion of Jio Financial Services and Zomato on the benchmark Nifty 50. The two stocks are expected to replace oil marketing company, BPCL and Royal Enfield maker Eicher Motors.

According to JM Financial, the NSE has introduced 45 stocks in the F&O segment which will take effect from November 29, 2024.

Based on the new inclusions, JM said that they are expecting a few stocks to be included in the Nifty as well in the next re-balancing announcement due in February 2025.

This will be for March rebalancing.

For the upcoming restructure, JM said the index provider assumes an average free float market cap that prevailed between the period of August 1 to January 31. Based on the average free float market cap as of November 13, JM is expecting the inclusion of Jio Financial Services and Zomato.

If the inclusion takes place, Zomato could see an inflow of $607 million, with expected shares of 196.2 million. The impact will take 3.8 days.

Further, Jio Financial, an NBFC arm of Reliance Industries, could record an inflow of $372 million with expected shares to be around 103.9 million. The impact will take about 11.9 days.

Jio Financial Services Share Price:

Currently, the stock is trading at Rs 315.45 apiece, up by Rs 16.05 or 5.4% on BSE. The market cap of the company is about Rs 2,00,409.85 crore. The stock is near its 52-week high of Rs 394.70 apiece.

Zomato Share Price:

On November 14th, Zomato stock traded at Rs 267.66 apiece, up by 3.6% on NSE, with a market cap of Rs 2,36,513.53 crore. The stock is moving closer to its 52-week high of Rs 298.25 apiece.

Exclusion On Nifty 50:

JM is expecting the exit of Bharat Petroleum Corporation (BPCL) and Eicher Motors from Nifty 50. The exclusion could result in an outflow of $223 million in BPCL and an outflow of $239 million in Eicher.

BPCL Share Price:

At the time of writing, BPCL stock traded at Rs 297.85 apiece, down by 2.6% on NSE with a market cap of Rs 1,29,179.00 crore. The stock's 52-week high and low is at Rs 376 and Rs 193.30 apiece respectively.

Eicher Motors Share Price:

Unlike BPCL, the share price of Eicher Motors traded at Rs 4,937.50 apiece, up by Rs 348.80 or 7.60%. The stock was near its 52-week high of Rs 5,105 apiece. Its market cap is around Rs 1,35,331.18 crore.