HDFC Bank now holds more weight than Reliance Industries in Nifty

In a major shakeup of India's stock market indices, LTIMindtree is set to replace HDFC in the Nifty index, while JSW Steel will take HDFC's seat in the Sensex. These changes are expected to increase HDFC Bank's influence on all three major indices due to a higher weightage assigned to it.

The Nifty index, comprising the top 50 companies listed on the National Stock Exchange (NSE), will see HDFC Bank's newly merged entity taking the lead with a weightage of 14.43%, surpassing Reliance Industries' weightage of 10.8%. LTIMindtree, the newly included company, will hold a weightage of 0.55%.

Read Merger of HDFC and HDFC Bank

The weightage of ICICI Bank in the Nifty index will slightly decrease from 7.8% to 7.7%, while Infosys will experience a marginal reduction from 5.6% to 5.5%. Similarly, ITC and TCS will witness minor decreases in their weightage.

Turning to the Nifty Bank index, HDFC Bank's weightage will rise significantly from 26.9% to 29.1%. ICICI Bank, the second-largest private bank and the second-largest weight in the index will see its weightage decline from 24.4% to 23.3%.

Meanwhile, The weightage of SBI is expected to decrease from 10.5% to 9.6%, Kotak Bank from 10.1% to 9.6%, and Axis Bank from 9.9% to 9.6% in the future. Conversely, the weightage of IndusInd Bank, Bank of Baroda, AU Bank, Federal Bank, PNB, and Bandhan Bank will increase.

In other significant changes, LIC Housing Finance will replace HDFC in the Nifty Financial Services index, and Zydus Lifesciences will take the place of Jindal Steel & Power in the Nifty Midcap Select.

Mankind Pharma, which debuted on the stock exchanges in May this year, will now be included in various indices such as Nifty500, Nifty Midcap150, Nifty Midcap100, and Nifty200.

Moreover, the Nifty Next50 index, also known as Junior Nifty, will witness Jindal Steel & Power replacing LTIMindtree.