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Adani Enterprises set to replace Wipro in BSE Sensex
The official announcement is expected tomorrow

Adani Enterprises set to replace Wipro in BSE Sensex

May 23, 2024
02:03 pm

What's the story

Adani Enterprises is poised to replace Wipro in the BSE Sensex, as per a note from IIFL Alternative Research. The official announcement of this change is expected on Friday, May 24, during the semi-annual rebalancing exercise for the BSE indices. This marks the first time a company owned by the Gautam Adani-led conglomerate, will be included in the 30-share BSE Sensex index.

Market shifts

Predicted financial impact of the rejig

IIFL Alternative Research forecasts that Adani Enterprises's inclusion in the index will trigger inflows of $118 million (around ₹1,000 crore) from passive funds tracking the index. In contrast, Wipro's exclusion is projected to cause outflows amounting to $56 million (about ₹500 crore). This reshuffling of companies within the BSE Sensex is expected to significantly impact the market dynamics.

Stock trends

Contrasting stock performances of Adani Enterprises and Wipro

The year-to-date performance of Adani Enterprises and Wipro stocks has been markedly different. Adani Enterprises's stock has seen a gain of more than 10% since January, including a 2% increase on Thursday. Conversely, Wipro's stock has experienced a decline, falling more than 2.3% year-to-date. These contrasting trends underscore the shifting dynamics in the Sensex index.