Nifty rejig: As part of the NSE indices semi-annual rejig, which takes effect from September 30, India's oldest stock exchange, BSE, is set to become part of the flagship Nifty 50 index as it replaces IT major Wipro following a prolonged phase of weakness.
NSE, in a communication in August, said that BSE's 6-month average free-float market capitalisation at Rs 1.4 trillion is at least 1.5 times the 6-month average free-float market capitalization of the smallest constituent i.e., Wipro, whose market cap stood at Rs 55,930 crore.

As per Nuvama Alternative & Quantitative Research's estimates, BSE could see inflows of $668 million, while Wipro's inflows could come in at $230 million on the back of the Nifty rejig. Ahead of the rejig, BSE ended 3.3 per cent higher on Tuesday while Wipro closed the day 2.9 per cent lower on NSE.
Wipro vs BSE: Share price trendWipro shares have lost 41 per cent so far this year amid the brutal selloff in tech stocks, led by AI-led deflation fears and risk emanating from a possible high-rate environment. Meanwhile, the new entrant BSE has gained 20 per cent as of September 29, according to data available on NSE, even though it has lost 7 per cent in a month.

Macquarie recently initiated coverage on BSE shares with an 'outperform' tag. BSE ranks above NSE in the global brokerage's pecking order for capital market stocks. Labelling it as a "Challenger", Macquarie said that BSE is a share gainer in a 12 per cent TAM CAGR market, driving 16 per cent FY26-30E revenue growth and margins toward 70 per cent.
While it recognised CAS as a near-term drag, it said that SOR, P/N, and self-clearing are unpriced. It has a target price of Rs 4,000 on BSE at a 40x FY29E EPS, a premium to global peers on growth, margins, ROE and cash optionality. Macquarie's views are in contrast to those of Jefferies and Nuvama Research, as both these brokerages recently downgraded the stock on the back of risks arising from an increase in the Securities Transaction Tax, bank guarantee norms by the Reserve Bank of India (RBI), and the decline in volumes following the implementation of the closing auction session (CAS).

Jefferies gave an “underperform” rating with a target price of ₹2,940. “Our recent call with an F&O trader indicated CAS is resulting in higher losses for domestic prop traders. Note options ADTO (average daily turnover) for NSE and BSE MTD (month-to-date) in August 2026 was down 14 per cent and 12 per cent vs July 2026.
Option ADTO was down 20-23 per cent for BSE/NSE in Week 2 of CAS vs Week 1,” said Jefferies in its report in August. Nifty rejig Other existing Nifty 50 constituents, namely Adani Enterprises, Adani Ports, Bajaj Finance and JSW Steel will see an increase in weightage, which could result in inflows of $71 million, $35 million, $10 million and $10 million, respectively, as per Nuvama Alternative.

On the flip side, 16 stocks as per the brokerage's estimates would see outflows amid weight reduction with heavyweights Reliance and HDFC Bank leading the trend. India's most valuable stock, RIL, is likely to see outflows of $89 million and the largest private lender, HDFC Bank, may see $56 million selling.
Check - TOP GAINERS NSE | TOP LOSERS NSE Beyond Nifty: What all changes? Several indices apart from the Nifty 50 index will also undergo changes. Among the key indices such as the Nifty Next 50, Vedanta Aluminium will make way, along with Polycab, Wipro, Hitachi Energy India and Vodafone Idea.

The exclusions are Indian Hotels, United Spirits, REC Limited, Lodha and Shree Cement. In the Nifty Midcap 150 index, 13 stocks will enter. These are: Aster DM, Embassy Office Parks REIT, FACT, Hindustan Copper, Indian Hotels, IOB, Lodha, Meesho, Narayana Hrudayalaya, REC, Shree Cement and United Spirits.
Meanwhile, 3M India, ACC, Apollo Tyres, AWL Agri, BSE, Hitachi Energy, Honeywell Automation, KPIT Tech, polycab, SJVN, Tata Elxsi, NIACL and Vodafone Idea will make an exit from the midcap index. Nifty 500 and Nifty Smallcap 250 will also see changes, with 27 entrants and exits in the former and 33 inclusions and exclusions in the latter, shows NSE circular.