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IndiGo and Max Healthcare Poised for Nifty50 Entry as IndusInd Bank and Hero MotoCorp Brace for Exit

The forecast highlights that markets have largely priced in passive fund movements ahead of a late August announcement

IndusInd Bank, Hero MotoCorp may exit Nifty; IndiGo, Max Healthcare, HAL among top replacement candidates

Overview

  • Nuvama projects that IndusInd Bank and Hero MotoCorp will exit the Nifty50 in the September rebalance, triggering roughly $255 million and $244 million in passive outflows respectively.
  • InterGlobe Aviation (IndiGo) and Max Healthcare lead the list of potential entrants, with Max Healthcare alone poised to draw more than $400 million in passive inflows.
  • Most of the expected passive reallocations appear priced into markets ahead of the July 31 eligibility cut-off, reflected in IndiGo’s recent rally and under-ownership of Max Healthcare.
  • Hindustan Aeronautics Ltd and BSE Ltd are deemed unlikely to enter unless they outperform set performance thresholds or the index methodology is revised.
  • The review cut-off on July 31 precedes a late-August announcement of confirmed index changes, which will be implemented on September 29, 2025.