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>In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. Then came the market consultation in August.</li>
<li>SEBI has now confirmed the changes along with the timeline for capping changes to the largest stocks in the index.</li>
<li>The changes could commence in December and continue till March. The adds will take place in December and weight changes for the largest stocks will take place in 4 tranches.</li>
</ul>


In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. Then came the market consultation in August.
SEBI has now confirmed the changes along with the timeline for capping changes to the largest stocks in the index.
The changes could commence in December and continue till March. The adds will take place in December and weight changes for the largest stocks will take place in 4 tranches.


NIFTY Bank Index: Methodology Changes to Result in Big Flows

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%), and lower credit costs</li><li>GS-III/NS-III and credit costs (adjusted for recoveries from written-off loans and accelerated provisions) improved sequentially and improvement in vintage credit performance (3MOB, 6MOB, etc.) is likely to drive lower credit costs for FY27, although global uncertainties remain an overhang</li><li>The ongoing FINAI transformation remains on track and is expected to drive higher productivity and operating efficiency gains, going ahead</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.

Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%), and lower credit costsGS-III/NS-III and credit costs (adjusted for recoveries from written-off loans and accelerated provisions) improved sequentially and improvement in vintage credit performance (3MOB, 6MOB, etc.) is likely to drive lower credit costs for FY27, although global uncertainties remain an overhangThe ongoing FINAI transformation remains on track and is expected to drive higher productivity and operating efficiency gains, going aheadContent 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.

HSIE Results Daily: Bajaj Finance, Indian Bank, Federal Bank, Star Health and Allied Insurance

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indian-bank" target="_blank" data-smartkarma-citation="entities:18110:1" rel="noopener">Indian Bank (INBK IN)'s </a>management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.</li>
<li>The sharp reduction in credit costs, management's confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.</li>
<li>With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.</li>
</ul>



Indian Bank (INBK IN)'s management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.
The sharp reduction in credit costs, management's confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.
With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.


Indian Bank: The Unrecognized Turnaround Story in PSU Banking

<ul><li>Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs</li><li>Deposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)</li><li>Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segments</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.

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costsDeposit growth (+12% YoY) was healthy with CASA ratio improving to 37.2% (+65bps QoQ)Pick-up in credit growth (+15% YoY, +3% QoQ) was driven by retail, agri, and MSME segmentsContent 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.

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

<ul>
<li>The changes to a global index in May will be announced pre-market open Wednesday and will be implemented at the close of trading on 29 May.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>There have been big price moves in stocks over the last few months with the forecast adds continuing to perform well and the forecast deletes beginning to catch a bid.</li>
</ul>


The changes to a global index in May will be announced pre-market open Wednesday and will be implemented at the close of trading on 29 May.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
There have been big price moves in stocks over the last few months with the forecast adds continuing to perform well and the forecast deletes beginning to catch a bid.


Global Index: Potential Changes in May for Asia Pac

India

Indian Bank is a full service bank owned by the Government of India. The Bank offers a wide range of services including a foreign currency banking unit at Colombo and specialized overseas branches at Chennai, Bangalore, and Mumbai exclusively for handling foreign exchange  transactions arising out of export, import, remittances and non resident Indian business.

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Indian Bank (INBK IN)

NIFTY Bank Index: Methodology Changes to Result in Big Flows

The methodology and capping changes for the Nifty Bank Index will be implemented in 4 tranches, likely ending in March. The flows are big and the...

Brian Freitas

HSIE Results Daily: Bajaj Finance, Indian Bank, Federal Bank, Star Health and Allied Insurance

Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%),...

HDFC Securities

Indian Bank: The Unrecognized Turnaround Story in PSU Banking

Indian Bank's management revises full-year GNPA guidance below 2%, driving high RoE and attracting value-seeking DII flows, making it a compelling...

Nimish Maheshwari

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

Global Index: Potential Changes in May for Asia Pac

The index rebalances at the close tomorrow and there will be huge volume in the constituent changes at the close. Since announcement, the adds have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Bank Index: Methodology Changes to Result in Big Flows

The methodology and capping changes for the Nifty Bank Index will be implemented in 4 tranches, likely ending in March. The flows are big and the...

Brian Freitas

HSIE Results Daily: Bajaj Finance, Indian Bank, Federal Bank, Star Health and Allied Insurance

Bajaj Finance: Bajaj Finance (BAF) reported largely in-line earnings, driven by steady AUM growth (+22.4% YoY), marginal reflation in NIMs (9.1%),...

HDFC Securities

Indian Bank: The Unrecognized Turnaround Story in PSU Banking

​Indian Bank's management revises full-year GNPA guidance below 2%, driving high RoE and attracting value-seeking DII flows, making it a compelling...

Nimish Maheshwari

HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank...

Indian Bank: Indian Bank (INBK) reported a healthy print for Q3FY26 on the back of strong business growth, stable margins, and low credit costs

HDFC Securities

Global Index: Potential Changes in May for Asia Pac

The index rebalances at the close tomorrow and there will be huge volume in the constituent changes at the close. Since announcement, the adds have...

Brian Freitas

Indian Bank's management revises full-year GNPA guidance below 2%, driving high RoE and attracting value-seeking DII flows, making it a compelling...