Domestic brokerage Axis Capital suggests that India’s oldest bourse, BSE, is likely to replace IT major Wipro in the NSE’s semi-annual index rebalancing, scheduled for announcement in the second half of August and set to take effect from September 30, 2026.
For determining potential inclusions and exclusions, the Index Maintenance Sub-Committee considers six-month average data for the period between February 1 and July 31. Based on data available from February 1 to May 15, current expectations point to one constituent change in the Nifty50, five changes in the Nifty Next 50, and no changes in the Bank Nifty.
If the inclusion materialises, Axis Capital estimates that BSE could see inflows of $657 million, with index funds likely to buy 15.7 million shares. On the other hand, Wipro could face outflows of $225 million, translating into selling of around 114.2 million shares by index funds.
Wipro shares have been on a weak run, declining 20% over the last six months and 27% since the beginning of the year.
Ahead of the next NSE index rebalancing, Wipro, Polycab India, Hitachi Energy India, Indian Bank, and ICICI Prudential Asset Management Company are emerging as leading contenders for inclusion in the Nifty Next 50 index.
At the same time, Indian Hotels Company, REC, Shree Cement, Zydus Lifesciences, and Lodha Developers are seen as the most likely candidates for exclusion in the upcoming reshuffle.
BSE Q4 Snapshot
BSE reported a consolidated net profit of Rs 797 crore for the March quarter of FY26, marking a 61% rise from Rs 494 crore in the corresponding period last year.
Revenue for Q4FY26 rose 85% year-on-year to Rs 1,564 crore, compared with Rs 847 crore in the same quarter last year. On a sequential basis, net profit increased 32% from Rs 602 crore in Q3FY26, while revenue rose 26% from Rs 1,244 crore in the October–December quarter.
For the full financial year FY26, BSE reported consolidated revenue of Rs 5,148 crore. EBITDA stood at Rs 3,393 crore, with EBITDA margins at 48%.
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