Divi's Labs, TVS Motor could replace Max Healthcare, HDFC Life in NSE's March 2027 index review

Mumbai: Divi's Laboratories and TVS Motor Company could be contenders for inclusion in the Nifty in the NSE's March 2027 index review. These stocks could potentially replace Max Healthcare Institute and HDFC Life, according to independent research firm Quiddity Leaderboard. The changes could trigger inflows of around $824 million, it said. The review is still at an early stage, leaving room for rankings to change, said Jeyakumar Janaghan, analyst at Quiddity Leaderboard on its website.

"The six-month reference period for the Nifty March 2027 index review is from August 1, 2026 to January 31, 2027. Only 34% of this reference period has been completed, which means there is room for the rankings to change," he said. Max Healthcare's potential deletion from the Nifty 100 would automatically result in its removal from the Nifty 50, making Divi's Labs the top potential replacement, said Quiddity.

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TVS Motor could replace HDFC Life. TVS Motor's average free-float market capitalisation (AFMC) is more than 1.5 times that of HDFC Life, the smallest remaining Nifty 50 constituent after Max Healthcare's potential deletion. "Consequently, we expect another change for the Nifty 50 in March 2027, bringing the total to two," Jeyakumar said.

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Quiddity expects five changes in the Nifty 100, the maximum permitted per review. LIC, ICICI Prudential Asset Management, BHEL, Lenskart and Groww are potential additions, while Vedanta, Mazagon Dock Shipbuilders, Godrej Consumer, Ambuja Cements and Max Healthcare are potential deletions.