Nuvama Sees IndiGo and Max Healthcare Joining Nifty 50 in September Shake-Up

Brokerage Nuvama Alternative & Quantitative Research expects InterGlobe Aviation, the operator of IndiGo, and hospital chain Max Healthcare Institute to be added to India’s Nifty 50 benchmark in the semi-annual reshuffle due in September 2025. The firm projects that inclusion could trigger passive buying of roughly $400 million in Max Healthcare shares, given the stock’s current free-float market value. IndusInd Bank and two-wheeler maker Hero MotoCorp are seen as the most likely deletions, Nuvama said in a note reviewed on 3 July. The research house assigns a ‘zero’ probability to Asia’s oldest exchange, BSE Ltd., entering the index, countering earlier speculation it might qualify. The National Stock Exchange reviews constituents using data up to 31 July and typically announces changes in the second half of August, with adjustments taking effect on 29 September. Nuvama added that any selling pressure in the outgoing stocks is likely to intensify closer to the effective date, while much of the impact is already reflected in their current prices.