The NSE barometer Nifty, banking index Nifty Bank and CPSE index would be seeing adjustments today following the recent quarterly rejig, with dozens of stocks likely to see some action on expectations of likely passive inflows or outflows. Bharti Airtel, NTPC Ltd, Kotak Mahindra Bank Ltd, and ITC Ltd could attract net passive inflows to the tune of $36-$52 million due to adjustments while others such as Bharat Electronics Ltd, Reliance Industries, Larsen & Toubro Ltd and HDFC Bank Ltd are expected to see net passive outflows of $14-77 million.
Kotak Mahindra Bank may cumulative passive inflows of $62 million. It could be followed by NTPC ($62 million), ITC ($36 million), and Bharti Airtel Ltd ($36 million), Abhilash Pagaria of Nuvama Alternative & Quantitative Research said. HDFC Bank is seen losing $77 million in passive outflows. Bharat Electronics ($45 million), L&T ($25 million and RIL ($14 million) may also see passive outflows on index rejig.
Among the CPSE constituents, Coal India Ltd, BEL, NHPC Ltd, ONGC Ltd, Cochin Shipyard, Power Grid, Oil India, NLC India, SJVN and NBCC could see some outflows due to fall in weights, as per Nuvama. NTPC would be the only index constituent to see passive inflows.
Among Nifty Bank constituents, Kotak Mahindra Bank, State Bank of India, ICICI Bank Ltd, HDFC Bank Ltd and IndusInd Bank could see increased passive inflows on higher weightages. Bank of Baroda, AU Bank, Punjab National Bank, IDFC First Bank, Bandhan Bank and Federal Bank could see insignificant outflows on decline in weights, as per Nuvama.