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

Index Rebalance

<ul>
<li>Increased free float should result in passives buying <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> and lower foreign room should lead to passives selling <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> at the end of August.</li>
<li>The increased free float should also result in passive buying for <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> last week following strong earnings. <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.</li>
</ul>


Increased free float should result in passives buying Swiggy (SWIGGY IN) and lower foreign room should lead to passives selling Eternal (ETERNAL IN) at the end of August.
The increased free float should also result in passive buying for Swiggy (SWIGGY IN) in September.

Eternal has outperformed Swiggy last week following strong earnings. Swiggy announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.


Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

<ul>
<li>An increase in the stock price and free float should result in <a href="https://www.smartkarma.com/entities/vishal-mega-mart-limited" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart (VMM IN)</a>'s inclusion in a global index in August.</li>
<li>Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.</li>
<li>The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.</li>
</ul>


An increase in the stock price and free float should result in Vishal Mega Mart (VMM IN)'s inclusion in a global index in August.
Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.
The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.


Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

<ul>
<li>An increase in the stock price and free float should result in <a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> being included in a global index in August.</li>
<li>Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.</li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies (PREMIERE IN)</a> over the last 3 months but still trades at a lower forward PE.</li>
</ul>


An increase in the stock price and free float should result in Waaree Energies (WAAREEEN IN) being included in a global index in August.
Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.

Waaree Energies (WAAREEEN IN) has outperformed Premier Energies (PREMIERE IN) over the last 3 months but still trades at a lower forward PE.


Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

Max Healthcare Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> and <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> should replace <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> and <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> in September.</li>
<li>The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.</li>
<li>While there has been a steady increase in cumulative excess volume for <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a>, there could be more room to run in the stock. </li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) should replace Indusind Bank (IIB IN) and Hero Motocorp (HMCL IN) in the NIFTY Index in September.
The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.
While there has been a steady increase in cumulative excess volume for Max Healthcare Institute (MAXHEALT IN), there could be more room to run in the stock. 


NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

<ul>
<li>BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.</li>
<li>This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.</li>
<li>BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.</li>
</ul>


BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.


BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

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)

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

Strong earnings have led to Eternal outperforming Swiggy last week. Higher float should result in passives buying Swiggy in Aug. Lower foreign room...

Brian Freitas

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

The placement in June results in a significantly higher float and VMM could be added to a global index in August. Flow and impact is big but some...

Brian Freitas

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies being added to a global index in August. Passives need to buy over...

Brian Freitas

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

There could be 2 changes for the NIFTY50 in September and passives will need to trade 5.3-14.9x ADV (11.2-23x delivery volume). Max Healthcare has...

Brian Freitas

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease 'Delivering' BIG Passive Flows

Strong earnings have led to Eternal outperforming Swiggy last week. Higher float should result in passives buying Swiggy in Aug. Lower foreign room...

Brian Freitas

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

The placement in June results in a significantly higher float and VMM could be added to a global index in August. Flow and impact is big but some...

Brian Freitas

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies being added to a global index in August. Passives need to buy over...

Brian Freitas

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

There could be 2 changes for the NIFTY50 in September and passives will need to trade 5.3-14.9x ADV (11.2-23x delivery volume). Max Healthcare has...

Brian Freitas

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

​BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...