Nifty Rejig: Axis Bank, Bharti Airtel and Adani Ports could draw inflows of $48 million

Mumbai: Axis Bank, Bharti Airtel and Adani Ports will together see inflows of $48 million on account of the quarterly weight readjustments in the benchmark Nifty by the NSE, said Nuvama Institutional Equities.

HDFC Life, HDFC Bank, ICICI Bank and BPCL will also collectively see inflows of $20 million following the reshuffling, while Bajaj Auto, Bajaj Finserv, Kotak Mahindra Bank, HDFC and Tech Mahindra will see outflows to the tune of $77 million, said the brokerage.These changes shall take place on December 29 and become effective from December 30.

"These are the key Nifty Indices in India which are majorly tracked by domestic passive funds," said Abhilash Pagaria, head, Nuvama Alternative and Quantitative.


Axis Bank, Bharti and Adani will receive inflows of $21 million, $16 million and $11 million, respectively; while Bajaj Finserv, Bajaj Auto and Kotak will see outflows of $34 million, $19 million, $12 million, respectively, on account of the reshuffle.

In the Nifty Bank index, HDFC Bank, ICICI Bank, IndusInd and Federal Bank will receive inflows of $25 million, $22 million, $19 million and $10 million, respectively.