BSE Shares Gain As Nuvama Sees Nifty 50 Entry In September Rejig

BSE shares rose 1.5% on August 10 after Nuvama identified the stock exchange as the likely replacement for Wipro in the Nifty 50. The brokerage expects the proposed index changes to be announced after market hours on August 10, with the revised constituents taking effect on September 30, 2026.

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BSE Seen As Likely Nifty 50 Entrant

Nuvama said BSE’s substantially higher free-float market capitalisation supports its potential inclusion in the benchmark index. The exchange operator is also moving from the Nifty Midcap 150 to the Nifty 100 as part of the expected index changes.

The brokerage estimates that BSE could receive index-related inflows of about $741 million if the inclusion goes ahead. Wipro, which could be removed from the Nifty 50, may see estimated outflows of $246 million.

At 11 am on August 10, BSE shares were trading 1.4% higher at ₹3,502.90 apiece. The BSE share price remains in focus as investors await the formal index announcement.

Nuvama added that TVS Motor could become a potential replacement for Wipro if NSE Indices introduces changes to the Nifty 50 methodology. Without such a change, the brokerage expects BSE to meet the current inclusion criteria.

Changes Expected Across Major Indices

The proposed reshuffle extends beyond the Nifty 50. Nuvama expects Wipro, Vedanta Aluminium, Hitachi Energy India, Vodafone Idea, Polycab and BHEL to enter the Nifty Next 50.

Indian Hotels, REC, United Spirits, Shree Cement, Lodha and Mazagon Dock are among the stocks that could leave the index, according to the brokerage’s assessment.

The Nifty 500 could see additions including Vedanta Aluminium, Cupid, Embassy Office Parks REIT and TD Power Systems. BBTC, Blue Dart and SBFC Finance are among the expected exclusions.

REITs Also In Focus

Nuvama also assessed potential changes involving real estate investment trusts following a SEBI circular that permits REITs to qualify for inclusion in Nifty equity indices.

Embassy Office Parks REIT is considered close to qualifying for the Nifty Midcap 150, while Brookfield India REIT is expected to enter the Nifty Smallcap 250.

At the smaller-cap end, Jubilant FoodWorks, Tata Elxsi, Exide Industries, LIC Housing Finance and KIMS are among the potential entrants across the Nifty Smallcap 250, Smallcap 100 and Smallcap 50. Piramal Finance, Poonawalla Fincorp and Aster DM Healthcare could exit multiple small-cap indices.

Index Call Carries Two Key Risks

Nuvama has identified two factors that could alter its projections before the final rebalance. These are any changes to the NSE Indices methodology and significant movements in companies’ free-float factors before the applicable cut-off date.

The formal announcement after market hours on August 10 will determine whether BSE enters the Nifty 50 and whether the projected changes across other indices materialise. Until then, the BSE share price is likely to remain sensitive to expectations surrounding the September index review.