Suzlon Energy, IREDA shares may join Nifty Midcap 150; IRFC, Polycab India may enter Nifty Next 50: Nuvama

Nuvama Institutional Equities in its latest note on forthcoming Nifty rejig said Indian Railway Finance Corp Ltd, along with Adani Power Ltd, Jio Financial Services Ltd (JFS) may join Nifty Next 50 in the March rejig while it sees borderline chances of Polycab India Ltd and Union Bank of India making it to the index in the rejig whose announcement is likely by the second half of February. The cut off date is January 31 and the rejig would be effective from March 31.

Adani Wilmar Ltd, Muthoot Finance, PI Industries Ltd, Procter & Gamble Hygiene and Health Care Ltd and are seen exiting the index; two stocks: Colgate-Palmolive Ltd and Info Edge could also lose place in the Nifty Next 50.

In the Nifty index, the brokerage expects Shriram Finance Ltd to replace UPL while the same brokerage sees Canara Bank to replace Bandhan Bank Ltd in the Nifty Bank index. Nuvama said it sees no change to the Nifty IT index.

In the broader Nifty Midcap 150, the brokerage expects inclusion of Tata Technologies Ltd, Indian Overseas Bank (IOB), Sulzon Energy Ltd, SJVN Ltd, UCO Bank, JSW Infra and IREDA among others. Exclusions from Nifty150 may include Trident Ltd, Pfizer Ltd, Blue Dart Ltd, Relaxo, Rajesh Exports.

In the Nifty Midap 100, Sulzon Energy Ltd, IOB, UPL, Tata Technologies and Muthoot Finance could be included, Nuvama said. It expects inclusion of Macrotech Developers Ltd (Lodha), Union Bank, PI Industries, among others, in the Nifty Midcap 50. Exclusions may include ZEE Entertainment Enterprises Ltd (ZEEL), Bata India Ltd, REC, PFC and Polycab India, Nuvama said.

Here's what the brokerage said on the broader indices:

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