In a significant reshuffle of the S&P BSE Sensex, Adani Ports and Special Economic Zone (APSEZ) is set to join the prestigious 30-stock index, replacing Wipro. This change, effective from Monday, is part of the semi-annual review conducted by S&P Dow Jones Indices.
Adani Ports’ inclusion in the Sensex marks a major milestone for the company. As one of India’s leading port developers and operators, APSEZ has shown substantial growth in market value and operational performance.The company’s ability to handle increasing cargo volumes and its strategic expansions have contributed to its rising prominence in the Indian market.
Wipro’s exit from the Sensex, on the other hand, highlights the dynamic and competitive nature of the index. Despite being a significant player in the IT sector, Wipro’s recent market performance has not been sufficient to maintain its position within the top 30 companies listed on the Sensex.
Based on Nuvama’s projections, the inclusion of Adani Ports Special Economic Zone (APSEZ) is anticipated to bring in passive inflows amounting to $259 million, along with the addition of 14.9 million shares, an Economic Times report said.
Conversely, the exclusion of Wipro is expected to result in outflows of approximately $170 million.
Over the past year, Adani Ports shares have experienced a significant surge of nearly 98%, although they have slightly retreated from their 52-week high of Rs 1,621.40 on the NSE. The stock’s performance has outpaced that of Wipro, which has delivered returns of 27% during the same period, the ET report said.
Just before the market’s closing bell, Adani Ports shares were trading at Rs 1,489.75 on the NSE, registering a gain of Rs 20.35 or 1.38%. Simultaneously, Wipro shares were trading near Rs 491, experiencing a minor decline of Rs 1.15 or 0.23%.
Market analysts are closely observing these developments, with some expecting a reallocation of funds by institutional investors to align with the new index composition. The changes in the Sensex are anticipated to influence investment strategies and portfolio adjustments, given the index’s critical role as a benchmark for the Indian stock market.