NSE Indices Rejig: NTPC, ICICI Bank to grab major chunk of inflows; BEL, M&M, Eternal to see outflows on rebalancing

The National Stock Exchange (NSE) is set to implement its quarterly reshuffle of key equity indices today. As part of the scheduled update, several broader market indices will see weight adjustments, while strategic indices will undergo inclusions and exclusions as part of their semi-annual rejig effective June 27, 2025.

NSE strategic indices such as the Nifty 200 Momentum 30, Nifty Midcap 150 Momentum 50, and Nifty 500 Momentum 50 are scheduled for rebalancing on June 27. Simultaneously, broader indices like the Nifty 50, Nifty Next 50, Nifty Midcap 150, and Nifty Smallcap 250 will experience adjustments driven by changes in free-float market capitalization.

Top Gainers and Losers

NTPC is expected to see the highest cumulative inflows from the rejig of approximately $126 million, according to estimates by Nuvama Alternative & Quantitative Research. Other major gainers include ICICI Bank, with estimated inflows of $128 million across both broader and strategic indices, and Kotak Mahindra Bank, likely to attract $102 million.

On the flip side, Bharat Electronics Ltd (BEL) is expected to witness the largest outflow, with $85 million moving out. Mahindra & Mahindra (M&M) and Eternal are also expected to see significant outflows of $81 million and $69 million, respectively.

Broader Index Rebalancing

The quarterly rejig across broader indices such as the Nifty 50, Nifty Next 50, Nifty Midcap 150, Nifty Smallcap 250, Bank Nifty, and CPSE indices is primarily driven by changes in companies' free-float market caps.

In these indices, major inflows are anticipated in NTPC ($126 million), ICICI Bank ($60 million), and Bharti Airtel ($32 million). Outflows are projected in BEL ($85 million), ONGC ($21 million), and Coal India ($20 million), as per Nuvama estimates.

Strategic Indices Under Semi-Annual Review

The semi-annual reshuffle of strategic indices, particularly the Nifty 200 Momentum 30 — one of the most tracked strategy indices — will lead to substantial reshuffling. ICICI Bank, NTPC, and Kotak Mahindra Bank are the key beneficiaries of this update as well.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.