SBI and other PSUs gain amid rejig of Nifty indices, HDFC Bank dips

Shares of several companies were impacted as rebalancing of Nifty indices took effect on Wednesday. Weightage of companies including State Bank of India (SBI), Reliance Industries (RIL) and HDFC Life were adjusted as part of the quarterly recapping and rebalancing exercise.

Shares of SBI rose 3.4 per cent as following estimated buying worth $104 million. It’s weightage in the Bank Nifty index by 200 basis points (bps) to 12.6 per cent, as per calculations done by Abhilash Pagaria, assistant vice president, Edelweiss Alternative Research. 

Shares of HDFC Bank fell has its weightage was lowered by 158 bps to 28.01 per cent, resulting into outflows of $82.1 million. Power Grid, NHPC and NTPC saw their weightage go up in the CPSE index. Shares of all three companies rallied between 3-6 per cent. RIL’s weightage was reduced slightly, while HDFC Life’s edged up in the benchmark Nifty index.