Last Updated on August 22, 2022 at 11:14 pm
The NSE has made several changes to its indices in its late-June portfolio reset. Notable are fives changes in Nifty Next 50, twelve from Nifty Midcap 100 and twenty-five from Nifty 500. Here is a selected listing.
Broad market NIfty indices are reviewed in March and September each year. However additional changes can be made if any stock undergoes a corporate event such as a merger, spin-off, compulsory delisting or suspension etc. According to the Nifty index methodology document, “the equity shareholders’ approval to a scheme of arrangement is considered as a trigger to initiate the exclusion of such stock from the index through additional index reconstitution”. In addition, compliance of stock weights with SEBI’s Portfolio Concentration Norms for ETFs and Index Funds is ensured each quarter.
Nifty Growth Sectors 15: Sectors that exhibit PE and PB on average greater than the Nifty are first selected. Then, the top 50% market cap of all such stocks is shortlisted and ranked in terms of EPS growth. Top 15 in the list forms the index.
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Exclusion | Dr. Reddy’s Laboratories Ltd. |
Exclusion | Exide Industries Ltd. |
Exclusion | IndusInd Bank Ltd. |
Inclusion | Aurobindo Pharma Ltd. |
Inclusion | Hero MotoCorp Ltd. |
Inclusion | ICICI Bank Ltd. |
Nifty low volatility 50: The Low volatility 50 is selected from the top 300 companies (arranged by the free-float market cap) and by choosing the ones with the lowest standard deviation of daily returns (volatility). The stocks with the lowest volatility has a higher weight. I had earlier shown how impressive this index has fared against Quantum Long Term Equity: Nifty Low Volatility 50: A Benchmark Index to watch out for
Exclusion | Housing Development Finance Corporation Ltd. |
Exclusion | Mahindra & Mahindra Ltd. |
Exclusion | Reliance Industries Ltd. |
Exclusion | City Union Bank Ltd. |
Exclusion | Godrej Industries Ltd. |
Exclusion | NIIT Technologies Ltd. |
Exclusion | Oil India Ltd. |
Exclusion | Castrol India Ltd. |
Inclusion | Glaxosmithkline Pharmaceuticals Ltd. |
Inclusion | Pfizer Ltd. |
Inclusion | Thermax Ltd. |
Inclusion | Lupin Ltd. |
Inclusion | Divi’s Laboratories Ltd. |
Inclusion | Torrent Power Ltd. |
Inclusion | United Breweries Ltd. |
Inclusion | Crompton Greaves Consumer Electricals Ltd. |
Nifty Alpha 50: Alpha is a measure of outperformance with respect to a risk-free rate and correlation with a given index. The alpha 50 is an index of 50 stocks that has the highest alpha among the top 300 stocks in terms of market cap is selected. Almost half the index has changed!
Exclusion | Bajaj Finance Ltd. |
Exclusion | Can Fin Homes Ltd. |
Exclusion | Procter & Gamble Health Ltd. |
Exclusion | Kotak Mahindra Bank Ltd. |
Exclusion | Siemens Ltd. |
Exclusion | Titan Company Ltd. |
Exclusion | Axis Bank Ltd. |
Exclusion | UPL Ltd. |
Exclusion | PVR Ltd. |
Exclusion | DCB Bank Ltd. |
Exclusion | Power Finance Corporation Ltd. |
Exclusion | REC Ltd. |
Exclusion | Bajaj Holdings & Investment Ltd. |
Exclusion | Bajaj Finserv Ltd. |
Exclusion | Godrej Properties Ltd. |
Exclusion | Oberoi Realty Ltd. |
Exclusion | Prestige Estates Projects Ltd. |
Exclusion | Justdial Ltd. |
Exclusion | InterGlobe Aviation Ltd. |
Exclusion | Aavas Financiers Ltd. |
Exclusion | Adani Gas Ltd. |
Inclusion | Balkrishna Industries Ltd. |
Inclusion | Berger Paints India Ltd. |
Inclusion | Coromandel International Ltd. |
Inclusion | Deepak Nitrite Ltd. |
Inclusion | Dr. Reddy’s Laboratories Ltd. |
Inclusion | Escorts Ltd. |
Inclusion | Nestle India Ltd. |
Inclusion | Rallis India Ltd. |
Inclusion | Tata Consumer Products Ltd. |
Inclusion | Torrent Pharmaceuticals Ltd. |
Inclusion | Whirlpool of India Ltd. |
Inclusion | Ajanta Pharmaceuticals Ltd. |
Inclusion | Bharti Airtel Ltd. |
Inclusion | Granules India Ltd. |
Inclusion | Navin Fluorine International Ltd. |
Inclusion | Relaxo Footwears Ltd. |
Inclusion | Alembic Pharmaceuticals Ltd. |
Inclusion | Avenue Supermarts Ltd. |
Inclusion | ICICI Securities Ltd. |
Inclusion | Metropolis Healthcare Ltd. |
Inclusion | Dixon Technologies (India) Ltd. |
Nifty Dividend Opportunities 50: Top 50 stocks ranked in terms of dividend yield from the top 300 stocks (market cap) make up this index. This rejig saw 17 changes!
Exclusion | Reliance Infrastructure Ltd. |
Exclusion | Graphite India Ltd. |
Exclusion | Procter & Gamble Health Ltd. |
Exclusion | Gujarat Narmada Valley Fertilizers and Chemicals Ltd. |
Exclusion | Gujarat State Fertilizers & Chemicals Ltd. |
Exclusion | H.E.G. Ltd. |
Exclusion | Hindustan Zinc Ltd. |
Exclusion | JM Financial Ltd. |
Exclusion | Reliance Capital Ltd. |
Exclusion | Vedanta Ltd. |
Exclusion | South Indian Bank Ltd. |
Exclusion | Sonata Software Ltd. |
Exclusion | Karnataka Bank Ltd. |
Exclusion | Oracle Financial Services Software Ltd. |
Exclusion | Power Finance Corporation Ltd. |
Exclusion | IRB Infrastructure Developers Ltd. |
Exclusion | ICICI Prudential Life Insurance Company Ltd. |
Inclusion | Ashok Leyland Ltd. |
Inclusion | MphasiS Ltd. |
Inclusion | Bharat Electronics Ltd. |
Inclusion | CESC Ltd. |
Inclusion | Nestle India Ltd. |
Inclusion | Tata Steel Ltd. |
Inclusion | Tata Power Co. Ltd. |
Inclusion | GAIL (India) Ltd. |
Inclusion | Strides Pharma Science Ltd. |
Inclusion | Hexaware Technologies Ltd. |
Inclusion | Mahindra & Mahindra Financial Services Ltd. |
Inclusion | Emami Ltd. |
Inclusion | Torrent Power Ltd. |
Inclusion | Multi Commodity Exchange of India Ltd. |
Inclusion | Central Depository Services (India) Ltd. |
Inclusion | ICICI Securities Ltd. |
Inclusion | RITES Ltd. |
Nifty 50: No change as on 26th June 2020. In March Shree Cement replaced Yes Bank. HDFC Life will replace Vedanta from end-July 2020 as the latter stock is going ‘private’.
Nifty Next 50, Nifty 100: Fives changes from 26th June.
Exclusion | Ashok Leyland Ltd. |
Exclusion | Vodafone Idea Ltd. |
Exclusion | L&T Finance Holdings Ltd. |
Exclusion | Indiabulls Housing Finance Ltd. |
Exclusion | Tata Motors Ltd DVR |
Exclusion | The New India Assurance Company Ltd. |
Inclusion | Abbott India Ltd. |
Inclusion | Torrent Pharmaceuticals Ltd. |
Inclusion | Indraprastha Gas Ltd. |
Inclusion | Info Edge (India) Ltd. |
Inclusion | Muthoot Finance Ltd. |
Nifty Midcap 100: 12 changes. IRCTC within 9 months of its listing is now part of this index.
Exclusion | Graphite India Ltd. |
Exclusion | H.E.G. Ltd. |
Exclusion | Torrent Pharmaceuticals Ltd. |
Exclusion | Engineers India Ltd. |
Exclusion | Sterlite Technologies Ltd. |
Exclusion | Indraprastha Gas Ltd. |
Exclusion | Info Edge (India) Ltd. |
Exclusion | Indian Bank |
Exclusion | Muthoot Finance Ltd. |
Exclusion | NBCC (India) Ltd. |
Exclusion | Future Consumer Ltd. |
Exclusion | Varroc Engineering Ltd. |
Inclusion | Aarti Industries Ltd. |
Inclusion | Ashok Leyland Ltd. |
Inclusion | Trent Ltd. |
Inclusion | NIIT Technologies Ltd. |
Inclusion | Vodafone Idea Ltd. |
Inclusion | L&T Finance Holdings Ltd. |
Inclusion | Indiabulls Housing Finance Ltd. |
Inclusion | Gujarat Gas Ltd. |
Inclusion | Dr. Lal Path Labs Ltd. |
Inclusion | Adani Gas Ltd. |
Inclusion | Polycab India Ltd. |
Inclusion | Indian Railway Catering And Tourism Corporation Ltd. |
Source: NSE Index Monthly Reports
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