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India's largest airline operator, InterGlobe Aviation Ltd., and hospital chain Max Healthcare Ltd. are likely to be included in the benchmark Nifty50 index, as part of its September 2025 review. Nuvama Institutional Equities expects Hero MotoCorp and IndusInd Bank to see exclusion.
The upcoming rejig is expected to drive "significant passive flows", with IndiGo and Max Healthcare are likely to see inflows of approximately $507 million and $423 million, respectively. On the flipside, Hero MotoCorp could be the top loser as the brokerage expects an outflow of $251 million, while IndusInd could see $240 million in outflows.
IndiGo has already seen "substantial" positive price action, reflecting market expectations, the brokerage said in an earlier report. However, Max Healthcare appears "under-owned" on this theme and could see more buying interest.
The announcement is expected post-market hours on Friday, while the changes to the index will be effective from September 29.
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Meanwhile, the probable additions to the Nifty Next 50 include Solar Industries, Mankind Pharma, Endurance Technologies, Hindustan Zinc, and Union Bank, Nuvama said. These together could bring in $221 million in passive inflows.
Likely exits in the Nifty Next 50 are IndiGo, Swiggy, Dabur, and ICICI Prudential Life, triggering a cumulative outflow of $297 million. Further, Hindustan Zinc, which previously missed inclusion despite meeting key criteria, now has a stronger chance following its entry into the F&O segment, subject to changes in the parent index, the brokerage said.
'Zero probability' for BSE inclusion
Analysts at Nuvama assigned a zero probability of the oldest bourse, BSE Ltd., being included in the Nifty 50 in the September 2025 review.
This assessment is based on a thorough review of the current index methodology, Nuvama said. "We believe there’s almost no chance of BSE even making it to the Nifty Next 50 in September 2025 review."
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