The National Stock Exchange of India (NSE) is set to implement the semi-annual rebalancing of its indices on Friday, March 27. While the benchmark Nifty 50 will see some weight changes in some of its constituents, there will be significant reshuffle in the Nifty Next 50, Nifty Midcap 150 and Nifty Smallcap 250 indices.
The adjustments for the Nifty indices semi-annual rejig will take place on March 27, and the changes will be effective from March 30, the last working day of this month, as March 31 will be a stock market holiday on account of Shri Mahavir Jayanti.
Here are the key changes in the NSE Indices March 2026 Rejig:
Nifty 50
The benchmark Nifty 50 index will see no inclusions or exclusions in the NSE’s semi-annual review for March 2026. However, the rejig will involve several weight adjustments and will also mark the fourth and final tranche of methodology changes pertaining to the Nifty Bank index.
Among individual stocks, Bharti Airtel, Bajaj Finance, and Bajaj Finserv are set to witness an increase in their weightage within the Nifty 50. Conversely, HDFC Bank, Reliance Industries, ICICI Bank, Larsen & Toubro (L&T), State Bank of India (SBI), and Infosys are among fifteen constituents that will see a reduction in their respective weights.
Following the increase in weightage, Bharti Airtel is expected to attract the highest passive inflows, estimated at $246 million. The Bajaj twins — Bajaj Finance and Bajaj Finserv — are likely to see relatively modest inflows of around $2 million each, according to Nuvama Alternative & Quantitative Research.
On the other hand, HDFC Bank is projected to witness passive outflows of approximately $29 million, followed by Reliance Industries at $25 million and ICICI Bank at $21 million.
Bank Nifty
In the Bank Nifty index, a total of ten stocks are set to see an increase in their weightage, while four banks will undergo weight reductions as part of the NSE Indices semi-annual review for March 2026.
The stocks likely to see an increase in weight include Yes Bank, Union Bank of India, Federal Bank, Canara Bank, Kotak Mahindra Bank, Bank of Baroda, IndusInd Bank, IDFC First Bank, AU Small Finance Bank, and Punjab National Bank (PNB). Collectively, these changes are expected to drive passive inflows of approximately $154 million into these counters.
In contrast, the weights of ICICI Bank, SBI, HDFC Bank and Axis Bank are set to decline. ICICI Bank may witness outflows of around ₹111 million, while the outflows from SBI and HDFC Bank are estimated at $21 million each. Axis Bank is estimated to experience relatively minor outflows of around $1 million, according to Nuvama.
Nifty Next 50
As part of the NSE Indices semi-annual review, several changes have been announced for the Nifty Next 50 index.
The inclusions in the index include Tata Motors, Cummins India, HDFC Asset Management Company, Muthoot Finance, Union Bank of India, and Tata Capital. Among these, Tata Motors is expected to attract passive inflows of approximately $171 million, followed by Cummins India at $123 million, HDFC AMC at $94 million, Muthoot Finance at $67 million, Union Bank of India at $66 million, and Tata Capital at $28 million.
On the other hand, stocks set to be excluded from the index include ICICI Lombard General Insurance, Info Edge (India), Havells India, JSW Energy, Life Insurance Corporation of India (LIC), and Bajaj Housing Finance.
These exclusions are likely to result in passive outflows of around $88 million for ICICI Lombard, $80 million for Info Edge, $65 million for Havells India, $54 million for JSW Energy, $35 million for LIC, and $15 million for Bajaj Housing Finance, as per Nuvama estimates.
Nifty Midcap 150
The top five inclusions in the Nifty Midcap 100 index include Multi Commodity Exchange of India (MCX), ICICI Lombard General Insurance, Laurus Lab, Info Edge (India) and Havells India.
On the contrary, the top five stocks that will be excluded are Cummins India, HDFC AMC, Muthoot Finance, Union Bank, and Sona BLW Precision Forgings.
Nifty India Defence
Axiscades Technologies, Apollo Micro Systems, and Aequs will be included in the Nifty India Defence index. These additions are expected to attract passive inflows of approximately $6 million each for Axiscades Technologies and Apollo Micro Systems, and about $3 million for Aequs.
On the other hand, Cyient DLM and Unimech Aerospace and Manufacturing will be excluded from the Nifty Defence index, resulting in estimated passive outflows of around $3 million from Cyient DLM, and about $1 million from Unimech.
Nifty Capital Markets
In the Nifty Capital Markets index, ICICI Prudential Asset Management Company and GROWW will be added.
According to estimates by Nuvama, ICICI AMC is expected to see passive inflows of around $3 million, while Billionbrains Garage Ventures (Groww) may attract approximately $1 million.
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