Nifty stocks to be recapped today: A look at the expected inflows and outflows

Bajaj Finserv, SBI and Bajaj Auto will see highest outflows of $34 million, $32 million and $19 million due to the rejig in weightage, according to Nuvama Alternative & Quantitative Research

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HDFC Bank, ICICI Bank and Bharti Airtel are set to see inflows of up to $29 million, $26 million and $16 million, respectively, with the quarterly recapping by the National Stock Exchange.

Axis Bank, Bajaj Finserv, SBI and Bajaj Auto will see the highest outflows of $57 million, $34 million, $32 million and $19 million due to the rejig in weightage, according to Nuvama Alternative and Quantitative Research.

The capping factor for stocks in all the Nifty indices is realigned upon change in equity, investible weighted factor, replacement of scrips in the index, periodic rebalancing and on a quarterly basis on the last trading day of March, June, September and December.

Since these indices are tracked majorly by domestic passive funds and ETFs, the recapping leads to a change in funds flow. While the adjustment will take place today, the changes will become effective only on December 30.

In the Nifty 50, scrips of Adani Ports, HDFC Life and HDFC Bank/ICICI Bank are set to see inflows of $11 million, $9 million and $4 million, respectively. Kotak Mahindra Bank, HDFC and Tech Mahindra might see outflows of $12 million, $9 million and $3 million, respectively.

HDFC Bank and ICICI Bank will also see incremental inflows due to weightage increase in the Nifty Bank index of $25 million and $22 million. IndusInd Bank and Federal Bank are next in line, anticipating $19 million and $10 million inflows.

Axis Bank’s weightage will go up in the Nifty 50 index but come down in the Bank Nifty resulting in a cumulative outflow of $57 million. SBI’s weightage in Bank Nifty will come down 10.2 percent from 11.1 percent, resulting in an outflow of $32 million.

Coming to the Nifty CPSE index, Powergrid and NTPC will see inflows of $13 million and $12 million. On the other hand, ONGC will see highest outflow of $21 million.