Zomato, Jio Financial Services Nifty entry likely in March, says report

Zomato and Jio Financial Services may find a place in the benchmark index Nifty 50 in the upcoming rejig in March, believes Nuvama Alternative & Quantitative Research. In a report, the research firm stated that it was confident that these two stocks would replace oil marketing firm BPCL and fast-moving consumer goods (FMCG) major Britannia in the index.

 

“This shake-up could lead to substantial inflows into Zomato and Jio Fin, with estimates of $631 million and $320 million, respectively. (Adjusting to Next 50, the flows will get adjusted lower). On the flip side, the exclusion of BPCL and Britannia would likely result in outflows of $201 million and $240 million, respectively,” stated Nuvama. 

 

 

It added that two-wheeler major Hero MotoCorp might succeed in holding its position narrowly in the 50-share index.

 

Earlier, JM Financial had also estimated the inclusion of Zomato and Jio Financial in the benchmark. The brokerage house expects an inflow of $650 million in Zomato and $356 million in Jio Financial after the inclusion.