Adani Ports to replace Wipro in BSE Sensex in June 24

This inclusion of APSEZ, the largest private port operator in India, marks the first time an Adani Group company will join the Sensex.

The changes were made as part of the BSE's semi-annual rebalancing exercise and were announced by Asia Index, a joint venture between S&P Dow Jones Indices and BSE, it added.

"Effective at the open of Monday, June 24, 2024, the ... changes will be made," Asia Index said.

BSE said it has also made changes to its BSE 100, Sensex 50, Sensex Next 50, BSE  Bankex, BSE 100 indices.

Page Industries, SBI Cards, ICICI Prudential Life Insurance, Jubilant FoodWorks, and Zee Entertainment Enterprises will be removed from the S&P BSE 100 index. They will be replaced by REC Ltd, HDFC AMC, Canara Bank, Cummins India, and Punjab National Bank.

Additionally, Tata Group company Trent Ltd will join the Sensex 50, while Divi's Laboratories Ltd will be dropped from the index, reported Moneycontrol.

AU Small Finance Bank and IDFC First Bank will be excluded from the BSE Bankex starting June 24, and will be replaced by Yes Bank and Canara Bank, the report added.

Adani Ports could attract inflows of $252 million following its inclusion in the Sensex, while Wipro is expected to see outflows of $161 million, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research, as reported by Reuters.

The inclusion of Adani Ports in the Sensex coincided with a recovery in Adani Enterprises' share price, reaching levels last seen in January 2023 before a report by Hindenburg Research triggered a significant sell-off in Gautam Adani's ports-to-power conglomerate.

Since the Hindenburg report, Adani Ports and Adani Power have been the best-performing stocks in the group, rising by 86.04 percent and 157.4 percent, respectively. They were also the first two Adani companies to rebound from the downturn.

Earlier in May, Adani Ports reported a 76 percent increase in its fourth-quarter profit, driven by record cargo volumes. The company's stock has surged 6 percent this week, marking its best weekly performance since early February, according to Reuters.

Besides the Sensex rejig, REC, HDFC Asset Management, Canara Bank, Cummins India, and Punjab National Bank, have been included in the BSE 100 index, the report said.

The stocks replaced in that index are Page Industries (PAGE.NS), opens new tab, SBI Cards and Payment Services, opens new tab, ICICI Prudential Life Insurance, opens new tab, Jubilant FoodWorks, opens new tab and Zee Entertainment Enterprises, it added.