The changes from the rejig will become effective from March 30, the last trading session of the month, as March 31 will remain a holiday for Mahavir Jayanti.
Nifty 50
There are no inclusions or exclusions in the Nifty 50 as part of the March 2026 review. However, several stocks will see weight changes, along with the final phase of methodology tweaks related to the Nifty Bank index.Stocks such as Bharti Airtel, Bajaj Finance, and Bajaj Finserv are set to gain weight, while HDFC Bank, Reliance Industries, ICICI Bank, Larsen & Toubro, State Bank of India, and Infosys are among fifteen stocks facing weight reductions, a Nuvama Alternative and Quantitative Research report said.
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Following the changes, Bharti Airtel is expected to see the highest passive inflows of about $246 million. The Bajaj twins are likely to attract around $2 million each. On the flip side, HDFC Bank could see outflows of nearly $29 million, followed by Reliance Industries at $25 million and ICICI Bank at $21 million.
Nifty Bank
Ten stocks in the Bank Nifty index will see an increase in weight, while four will witness reductions. Gainers 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. These changes are expected to generate cumulative inflows of around $154 million.Meanwhile, ICICI Bank, State Bank of India, HDFC Bank and Axis Bank will see weight cuts. ICICI Bank may face outflows of about $111 million, while SBI and HDFC Bank could each see around $21 million. Axis Bank may see minor outflows of about $1 million, according to Nuvama.
Nifty Next 50
New entrants include Tata Motors, Cummins India, HDFC Asset Management Company, Muthoot Finance, Union Bank of India and Tata Capital. Among them, Tata Motors is likely to attract the highest inflows of about $171 million, followed by Cummins India at $123 million, HDFC AMC at $94 million, Muthoot Finance at $67 million, Union Bank at $66 million and Tata Capital at $28 million.
Stocks exiting the index include ICICI Lombard General Insurance, Info Edge India, Havells India, JSW Energy, Life Insurance Corporation of India and Bajaj Housing Finance. These exclusions could lead to outflows of about $88 million, $80 million, $65 million, $54 million, $35 million and $15 million respectively.
Nifty Midcap 150
Top inclusions in the midcap index include Multi Commodity Exchange of India, ICICI Lombard General Insurance, Laurus Labs, Info Edge India and Havells India. Exclusions include Cummins India, HDFC Asset Management Company, Muthoot Finance, Union Bank of India and Sona BLW Precision Forgings.
Nifty India Defence
Axiscades Technologies, Apollo Micro Systems and Aequs will be added to the defence index, attracting estimated inflows of around $6 million each for Axiscades and Apollo Micro, and about $3 million for Aequs. Meanwhile, Cyient DLM and Unimech Aerospace and Manufacturing will be removed, leading to outflows of around $3 million and $1 million respectively.
Nifty Capital Markets
In this segment, ICICI Prudential Asset Management Company and Groww will be added. These inclusions are expected to attract inflows of approximately $3 million and $1 million respectively, as per Nuvama estimates.
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