Nifty Rejig Takes Effect: BSE Joins Index as Wipro Exits

BSE Ltd became part of the flagship Nifty 50 index on Wednesday, 30 September 2026, replacing IT major Wipro as part of NSE’s semi-annual index rejig. The change follows a prolonged phase of weakness in Wipro shares against a strong run in BSE’s stock price over the past year.

The reshuffle also triggered changes across several other NSE indices, including the Nifty Next 50, Nifty Midcap 150, Nifty 500 and Nifty Smallcap 250, affecting a wide range of stocks beyond the headline Nifty 50 change.

Why BSE Replaced Wipro

NSE said in an August communication that BSE’s six-month average free-float market capitalisation of ₹1.4 trillion was at least 1.5 times that of Wipro, the smallest constituent in the index at the time, whose market cap stood at ₹55,930 crore. This size differential is the trigger NSE uses to justify a mid-cycle swap in its index methodology.

Ahead of the rejig taking effect, BSE shares ended 3.3 per cent higher on Tuesday, 29 September, while Wipro closed 2.9 per cent lower on the NSE the same day, reflecting how the market positioned itself ahead of the formal change.

The Scale of Expected Fund Flows

According to estimates from Nuvama Alternative & Quantitative Research, the Nifty rejig could bring passive inflows of about $668 million into BSE shares, as index-tracking funds adjust their portfolios to include the new constituent. Wipro, on the other hand, could see estimated outflows of around $230 million as funds reduce or exit their positions in the stock.

Beyond the headline BSE-Wipro swap, several existing Nifty 50 constituents are set to see increased weightage in the index, according to Nuvama’s estimates: Adani Enterprises ($71 million estimated inflows), Adani Ports ($35 million), Bajaj Finance ($10 million) and JSW Steel ($10 million). On the other side, 16 stocks are estimated to see outflows from reduced weightage, led by Reliance Industries (about $89 million) and HDFC Bank (about $56 million).

• BSE has gained about 20% year-to-date, while Wipro has lost about 41% over the same period.
• Nuvama estimates BSE could see roughly $668 million in passive inflows from the rejig.
• Reliance Industries and HDFC Bank are estimated to see the largest outflows from reduced index weightage.
• The rejig reflects a broader divergence between capital-markets infrastructure stocks and IT services names this year.

What Brokerages Are Saying About BSE

Global brokerage Macquarie has taken a bullish view on BSE, framing it as a share gainer in a large addressable market with strong projected revenue growth and expanding margins over the coming years, while flagging the closing auction session (CAS) as a near-term drag on the business.

Other brokerages have taken a more cautious view. Jefferies and Nuvama Research have both downgraded BSE, citing risks from a potential increase in the Securities Transaction Tax, new bank guarantee norms from the Reserve Bank of India, and a decline in options trading volumes following the implementation of the closing auction session. Jefferies specifically pointed to data showing options average daily turnover down sharply for both NSE and BSE in the weeks following the CAS rollout.

Changes Beyond the Nifty 50

The reshuffle extends well beyond the benchmark index. In the Nifty Next 50, Vedanta Aluminium, Polycab, Wipro, Hitachi Energy India and Vodafone Idea are exiting, while Indian Hotels, United Spirits, REC Limited, Lodha and Shree Cement are entering.

The Nifty Midcap 150 will see 13 new entrants, including Aster DM, Embassy Office Parks REIT, Hindustan Copper, Meesho and Narayana Hrudayalaya, while stocks such as 3M India, ACC, Apollo Tyres, BSE itself (moving up to the Nifty 50), Honeywell Automation and Tata Elxsi exit that index. The Nifty 500 and Nifty Smallcap 250 indices are also seeing dozens of entries and exits each, according to the NSE circular governing the rejig.

What Investors Should Watch Next

• How BSE and Wipro shares trade in the sessions immediately following the rejig taking effect
• Whether the estimated passive fund flows materialise as index funds rebalance their portfolios
• Divergent brokerage views on BSE’s valuation and business outlook following the index inclusion
• Broader sector rotation between capital-markets infrastructure and IT services stocks

Investors who open demat account online to track index-linked stock movements can watch how BSE and Wipro perform in the days following this rejig, since passive fund flows tied to index changes often play out over several sessions rather than a single day. Those following the reshuffle through a trading platform may also want to track the other index-level changes, since stocks entering or exiting the Nifty Next 50 and Midcap 150 can see similar, if smaller, flow-driven price moves.

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