Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.</li>
<li>BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.</li>
<li>Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.</li>
</ul>


NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.
BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.
Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.


NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There could be 1 constituent change for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and 5 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.</li>
<li>The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.</li>
</ul>


There could be 1 constituent change for the NIFTY Index (NIFTY INDEX) and 5 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.
The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.


NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place near the end of September 2026.</li>
<li>There will be one change for NIFTY 50 index and five changes for NIFTY 100.</li>
<li>In this insight, we take a look at our latest flow expectations for the confirmed index changes.</li>
</ul>


The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place near the end of September 2026.
There will be one change for NIFTY 50 index and five changes for NIFTY 100.
In this insight, we take a look at our latest flow expectations for the confirmed index changes.


Quiddity NIFTY Sep26 Results and Flow Update: 11/12 Correct; ~US$940mn Combined One-Way Flow

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>We stick with Brazilian exchange B3 as our core value pick; it has a growing share of data revenues, its post-trade revenues are understated and equity fee pressure is easing</li>
<li>We keep Hong Kong Exchange as a buy, with its high share of post-trade revenues; HKEx shares have been highly volatile, but they represent relative value combined with growth potential</li>
<li>Philippines Stock Exchange (PSE) and BSE are new additions to our coverage of EM exchanges with PSE being one to watch; MexBolsa is deep value, but lacking a re-rating catalyst</li>
</ul>


We stick with Brazilian exchange B3 as our core value pick; it has a growing share of data revenues, its post-trade revenues are understated and equity fee pressure is easing
We keep Hong Kong Exchange as a buy, with its high share of post-trade revenues; HKEx shares have been highly volatile, but they represent relative value combined with growth potential
Philippines Stock Exchange (PSE) and BSE are new additions to our coverage of EM exchanges with PSE being one to watch; MexBolsa is deep value, but lacking a re-rating catalyst


Emerging Market Exchanges – Brazilian Exchange B3 (B3SA3 BZ) Stands Out

Event-Driven

National Stock Exchange of India / Event-Driven

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to list on the <a href="https://www.smartkarma.com/entities/bse-ltd" target="_blank" data-smartkarma-citation="entities:23694:1" rel="noopener">BSE</a> by selling 126.4m shares via an OFS to raise INR 226bn (US$2.35bn) at a valuation of US$46bn.</li>
<li>Anchor investors have been allotted 37.8m shares at INR 1785/share and shares will start trading from 24 September.</li>
<li>The stock will not get Fast Entry to local and global indices and inclusion will start in March 2027 with the biggest buying coming in May and June.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to list on the BSE by selling 126.4m shares via an OFS to raise INR 226bn (US$2.35bn) at a valuation of US$46bn.
Anchor investors have been allotted 37.8m shares at INR 1785/share and shares will start trading from 24 September.
The stock will not get Fast Entry to local and global indices and inclusion will start in March 2027 with the biggest buying coming in May and June.


National Stock Exchange of India (NSE) IPO: Index Entry Timeline & Flow

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

NIFTY 50 enters implementation on 30 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

The Nifty family of indices rebalances at the close today. BSE is down 30% from its high in May and down 14% since the announcement of the NIFTY50...

Brian Freitas

Quiddity NIFTY Sep26 Results and Flow Update: 11/12 Correct; ~US$940mn Combined One-Way Flow

From 21st August 2026 close to 15th September 2026 close, the ideas suggested in this insight generated an average return of approximately +6%. The...

Janaghan Jeyakumar, CFA

Emerging Market Exchanges – Brazilian Exchange B3 (B3SA3 BZ) Stands Out

Our core value pick is B3 in Brazil, with its well spread product offering; buy HKEx with its high post-trade revenues, whilst PSE is one to watch,...

Victor Galliano

National Stock Exchange of India (NSE) IPO: Index Entry Timeline & Flow

NSE is listing on the BSE by raising US$2.35bn at a valuation of US$46bn. Global index inclusions and passive buying between March and June. Local...

Brian Freitas

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