Nuvama Predicts Nifty Shake-Up: IndiGo, Max Healthcare To Join As IndusInd Bank, Hero Moto Exit

The private lender IndusInd Bank and two-wheeler major Hero MotoCorp may be excluded from the Nifty50 in the upcoming reshuffle, which is going to take place in September, according to predictions by Nuvama Alternative and Quantitative Research.

Who Will Be Included?

According to Nuvama's report, IndiGo and Max Healthcare are the top two candidates which can be included.

"IndiGo has already seen substantial positive price action, reflecting market expectations. On the other hand, Max Healthcare appears under-owned on this theme and could attract more buying interest. We estimate that Max Health’s inclusion would imply passive buying of over $400 million (approximately 12 days of average daily volume)," the brokerage said.

What Is The Exclusion About?

Hero MotoCorp and IndusInd Bank are likely to be excluded from the Nifty50, as they are observing passive outflows of $244 million and $255 million, respectively.

The cut-off period for eligibility also ends in July, with the official announcement expected in late August and adjustments implemented on September 29. 2025.

"While much of the negative sentiment appears to be priced in, we believe any further downside will be more pronounced around the adjustment period. Until then, we don’t expect significant pressure purely from expected passive flows," Nuvama added.

The brokerage further added that the only scenario wherein Max Healthcare may miss inclusion is if Hindustan Aeronautics Limited (HAL) outperforms Max Health by approximately 12% immediately and sustains that outperformance through the end of July. Nuvama also added that this is a low-probability event.

Also Read: ITR Filing FY 2024-25: Switching Income Tax Regimes? These Forms Are Mandatory