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>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Federal Bank (FB) hosted an analyst meet to spotlight the bank’s key priorities over the medium term to better monetise its balance sheet strengths: a) better CASA mobilisation (especially CA balances) reflecting in lower cost of funds, b) scaling its medium-yield businesses driving stronger risk-adjusted returns, and c) higher fee income traction by building capabilities in areas of trade/FX income, wealth management, and CMS</li><li>Under the new MD, FB is embarking on a journey to address its deposit mix and the pricing power handicap on both sides of the balance sheet (highlighted in our Sep-24 update).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Federal Bank (FB) hosted an analyst meet to spotlight the bank’s key priorities over the medium term to better monetise its balance sheet strengths: a) better CASA mobilisation (especially CA balances) reflecting in lower cost of funds, b) scaling its medium-yield businesses driving stronger risk-adjusted returns, and c) higher fee income traction by building capabilities in areas of trade/FX income, wealth management, and CMSUnder the new MD, FB is embarking on a journey to address its deposit mix and the pricing power handicap on both sides of the balance sheet (highlighted in our Sep-24 update).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Federal Bank: Focused on Fixing the Right Gaps, Execution Remains Key. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We attended the Analyst Meet hosted by Federal Bank to chalk out the strategy and growth roadmap for the bank under the new management, spearheaded by Mr KVS Manian, along with insights from other senior management team members of the bank.</li><li>The bank has outlined a 12-theme ‘Project Breakthrough’ identifying growth levers for the bank to ensure strong and sustainable growth, as it intends to be placed amongst the Top-5 private sector banks over the next 3-5 years.</li><li>Of these 12 themes, FB’s priority remains on (1) CASA Deposits mobilisation, (2) Strengthening Fee income profile and (3) NIM improvement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the Analyst Meet hosted by Federal Bank to chalk out the strategy and growth roadmap for the bank under the new management, spearheaded by Mr KVS Manian, along with insights from other senior management team members of the bank.The bank has outlined a 12-theme ‘Project Breakthrough’ identifying growth levers for the bank to ensure strong and sustainable growth, as it intends to be placed amongst the Top-5 private sector banks over the next 3-5 years.Of these 12 themes, FB’s priority remains on (1) CASA Deposits mobilisation, (2) Strengthening Fee income profile and (3) NIM improvement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Federal Bank Ltd. - Building on Momentum; Execution Remains Key!

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

NSE Nifty Bank Index / Equity Derivatives

NSE Nifty Bank Index (NSEBANK INDEX EQUITY)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index</a> implied volatility could be seen as rich when compared to its own history and in comparison to realized volatility.</li>
<li>Putting implied volatility into context with the <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index</a> 200 day moving average will lead to a different conclusion. Selling volatility might not be the opportunity it seems.</li>
<li>This Insight provides a quantitative indication at which level implied volatility can be assessed as rich.</li>
</ul>



NSE Nifty Bank Index implied volatility could be seen as rich when compared to its own history and in comparison to realized volatility.
Putting implied volatility into context with the NSE Nifty Bank Index 200 day moving average will lead to a different conclusion. Selling volatility might not be the opportunity it seems.
This Insight provides a quantitative indication at which level implied volatility can be assessed as rich.


EQD | NSE Nifty Bank Index - Implied Volatility Not (Yet) Rich Enough.

<ul><li>Re-looking into the Deposit Strategy: FB’s slow deposit growth in Q3FY25 resulted from a reorientation of its deposit mobilisation strategy, focusing on granular deposits rather than highvalue wholesale and inter-bank deposits.</li><li>This re-calibration exercise has been undertaken with the aim of improving the quality of the liability franchise while driving sustainable healthy growth.</li><li>Hereon, the internal focus will remain on tracking average CASA as a performance metric to ensure stability and sustainability in the deposit base rather than short-term end-of-period fluctuations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Re-looking into the Deposit Strategy: FB’s slow deposit growth in Q3FY25 resulted from a reorientation of its deposit mobilisation strategy, focusing on granular deposits rather than highvalue wholesale and inter-bank deposits.This re-calibration exercise has been undertaken with the aim of improving the quality of the liability franchise while driving sustainable healthy growth.Hereon, the internal focus will remain on tracking average CASA as a performance metric to ensure stability and sustainability in the deposit base rather than short-term end-of-period fluctuations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Federal Bank Ltd - Re-Calibrating Strategy to Drive Strong, Sustainable, & Profitable Growth!

India

Federal Bank is a major Indian private sector commercial bank offering a comprehensive suite of banking and financial services, including retail banking, wholesale banking, and treasury operations. It provides products such as savings and current accounts, loans, credit and debit cards, insurance, and wealth management. The bank is headquartered in Aluva, Kochi, Kerala, India, and was founded on April 23, 1931.

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Federal Bank (FB IN)

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

Federal Bank: Focused on Fixing the Right Gaps, Execution Remains Key. Maintain BUY

Federal Bank (FB) hosted an analyst meet to spotlight the bank’s key priorities over the medium term to better monetise its balance sheet strengths

HDFC Securities

Federal Bank Ltd. - Building on Momentum; Execution Remains Key!

We attended the Analyst Meet hosted by Federal Bank to chalk out the strategy and growth roadmap for the bank under the new management, spearheaded...

Axis Direct

EQD | NSE Nifty Bank Index - Implied Volatility Not (Yet) Rich Enough.

Implied volatility for the NSE Nifty Bank Index may seem high historically, but seen in context with the index's 200 day moving average suggests...

Gaudenz Schneider

Federal Bank Ltd - Re-Calibrating Strategy to Drive Strong, Sustainable, & Profitable Growth!

FB’s slow deposit growth in Q3FY25 resulted from a reorientation of its deposit mobilisation strategy, focusing on granular deposits rather than...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

Federal Bank: Focused on Fixing the Right Gaps, Execution Remains Key. Maintain BUY

Federal Bank (FB) hosted an analyst meet to spotlight the bank’s key priorities over the medium term to better monetise its balance sheet strengths

HDFC Securities

Federal Bank Ltd. - Building on Momentum; Execution Remains Key!

We attended the Analyst Meet hosted by Federal Bank to chalk out the strategy and growth roadmap for the bank under the new management, spearheaded...

Axis Direct

EQD | NSE Nifty Bank Index - Implied Volatility Not (Yet) Rich Enough.

​Implied volatility for the NSE Nifty Bank Index may seem high historically, but seen in context with the index's 200 day moving average suggests...

Gaudenz Schneider

Federal Bank Ltd - Re-Calibrating Strategy to Drive Strong, Sustainable, & Profitable Growth!

FB’s slow deposit growth in Q3FY25 resulted from a reorientation of its deposit mobilisation strategy, focusing on granular deposits rather than...

Axis Direct

Implied volatility for the NSE Nifty Bank Index may seem high historically, but seen in context with the index's 200 day moving average suggests...