Nifty Rejig: BSE To Replace Wipro in Nifty 50 As Per a Nuvama Report

BSE is expected to enter the Nifty 50 in place of Wipro during the September 2026 semi-annual index rejig, according to a Nuvama Alternative & Quantitative Research report, in what could be one of the most closely watched benchmark changes of the year.

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Nuvama estimates the move could bring passive inflows of about $741 million into BSE, while Wipro could see roughly $246 million in outflows if it exits the benchmark. For index-linked funds and exchange-traded products, such reshuffles often trigger compulsory buying and selling, making the review relevant for liquidity, visibility and institutional ownership.

BSE Qualifies To Enter Nifty 50?

According to the report, BSE’s case rests on a sharply higher free-float market capitalisation, which has improved its eligibility under the current Nifty index methodology. Nuvama said the stock “ticks all the boxes” for inclusion if the existing rules remain unchanged.

The note, however, does not treat the outcome as final. It flagged a possible change in NSE Indices’ rebalancing methodology as one of the key risks to its projections. If that were to happen, Nuvama’s back-up pick to replace Wipro in the Nifty 50 would be TVS Motor.

Rejig could ripple through other Nifty baskets

The churn is expected to extend well beyond the Nifty 50.

For the Nifty Next 50 and the Nifty 100, Nuvama has flagged Wipro as a likely entrant if it exits the Nifty 50. Vedanta Aluminium, Hitachi Energy, Idea and Polycab are also tipped for entry, while BHEL has been identified as a borderline entrant. On the exit side, Indian Hotels, REC, United Spirits, Shree Cement and Lodha are among the names seen moving out, with Mazagon Dock marked as a borderline exit.

That same migration pattern is expected to flow into the broader Nifty 100 as stocks move up or down the index hierarchy.

Across the midcap baskets, the report expects stocks such as Mazagon Dock, Lodha, Indian Hotels, REC, United Spirits, Meesho and Hindustan Copper to find a place in one or more midcap indices. At the same time, BSE, Idea, Power India, Polycab and BHEL could move out of those baskets as they graduate to larger indices.

REITs may get a place in equity indices

One of the more notable features of this review cycle is the possible inclusion of REITs after a SEBI circular made them eligible for Nifty equity indices.

Nuvama expects Embassy Office Parks REIT to be a borderline candidate for the Nifty Midcap 150, while Brookfield India REIT is seen entering the Nifty Smallcap 250. If those moves materialise, they would broaden the representation of listed real estate investment vehicles in benchmark indices and bring them deeper into the passive-fund ecosystem.

Nifty 500 and smallcap changes also in focus

For the Nifty 500, the report has flagged possible entries such as Vedanta Aluminium, Cupid, Embassy REIT and TD Power Systems, while BBTC, Blue Dart and SBFC Finance are seen as possible exits.

In the smallcap indices, likely entrants include Jubilant FoodWorks, Tata Elxsi, Exide Industries, LIC Housing Finance and KIMS. Stocks such as Piramal Finance, Poonawalla Fincorp and Aster DM are seen exiting multiple smallcap baskets as the reshuffle works through the index chain