Jio Financial Services and Zomato Debut in Nifty 50: Market Reactions

Market Performance

On their debut in the Nifty 50 index, shares of Jio Financial Services and Zomato displayed mixed movement. During early trade at 9:30 am, Jio Financial Services' stock increased by over 1 per cent to Rs 228.34 on the NSE, while Zomato's stock showed a marginal decline of 0.1 per cent, trading at Rs 205.99.

The exit of Britannia Industries and BPCL from the Nifty 50 index led to gains in their share prices. Britannia Industries rose by 2.6 per cent to Rs 4,967.2, and BPCL increased by over 1.5 per cent, reaching Rs 280.41.

On the Nifty Junior index, Indian Hotels Company experienced gains, while Hyundai Motor India, CG Power, Swiggy, and Bajaj Housing Finance faced a decline of 2 per cent.

Nifty 50 Index Changes

Including Jio Financial Services and Zomato in the Nifty 50 index was anticipated to bring significant passive inflows. Simultaneously, the exclusion of Britannia Industries and BPCL from the index was expected to result in capital outflows.

Additionally, the index's rebalancing is projected to increase the weightage of Grasim Industries, Adani Enterprises, UltraTech Cement, and Cipla. Conversely, companies such as Bajaj Finance, HDFC Bank, Reliance Industries, ICICI Bank, and Infosys are expected to see reductions in their respective weights.

Company Details

Jio Financial Services

• Share Price: Rs 228.34 (+1% approximately)

Zomato

• Share Price: Rs 205.99 (-0.1% approximately)

Britannia Industries

• Share Price: Rs 4,967.2 (+2.6%)

BPCL

• Share Price: Rs 280.41 (+1.5%)

Summary

The debut of Jio Financial Services and Zomato in the Nifty 50 index saw contrasting share performances, with the former gaining and the latter slightly declining. The exclusion of Britannia Industries and BPCL led to increases in their stock prices. Broader index adjustments impacted the weights of several major companies across sectors, reflecting shifts in market positioning within the Nifty 50 and Bank Nifty indices.