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>NSE Indices has announced the methodology changes for 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 (NSEBANK INDEX)</a> that will be implemented in 4 tranches starting in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> and <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 (UNBK IN)</a> will be added to the index to increase the number of constituents from 12 to 14.</li>
<li>Passives need to sell <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> and <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> while buying all the other stocks in the index.</li>
</ul>


NSE Indices has announced the methodology changes for the NSE Nifty Bank Index (NSEBANK INDEX) that will be implemented in 4 tranches starting in December.

Yes Bank (YES IN) and Union Bank Of India (UNBK IN) will be added to the index to increase the number of constituents from 12 to 14.
Passives need to sell HDFC Bank (HDFCB IN) and ICICI Bank Ltd (ICICIBC IN) while buying all the other stocks in the index.


NIFTY Bank Index: Methodology Changes Announced; US$1.4bn Trade in Tranches

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.</li><li>Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.</li><li>Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). </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.

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). 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.

Axis Top Picks for the month of December 2025

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho Ltd (1546271D IN)</a> is looking to raise around US$607m in its upcoming India IPO. </li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO. 
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.


Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.


NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently twelve pair trade opportunities across four markets and five sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently twelve pair trade opportunities across four markets and five sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (1 Dec)

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HDFC Bank (HDFCB IN)

NIFTY Bank Index: Methodology Changes Announced; US$1.4bn Trade in Tranches

Yes Bank and Union Bank will be added to the index. The weighting cap change is a net +ve for HDFCB and net -ve for ICICI Bank. Estimated turnover...

Brian Freitas

Axis Top Picks for the month of December 2025

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.

Axis Direct

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (1 Dec)

Statistical methodology identifies twelve pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Bank Index: Methodology Changes Announced; US$1.4bn Trade in Tranches

Yes Bank and Union Bank will be added to the index. The weighting cap change is a net +ve for HDFCB and net -ve for ICICI Bank. Estimated turnover...

Brian Freitas

Axis Top Picks for the month of December 2025

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.

Axis Direct

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (1 Dec)

​Statistical methodology identifies twelve pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Statistical methodology identifies twelve pair trade opportunities across four markets and five sectors, offering unique insights into relative...