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>There are 6 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>, 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index.</li>
<li>The largest passive flows are in 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</a> changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index.</li>
<li>The outright adds to 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</a> and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months.</li>
</ul>


There are 6 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX), 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index.
The largest passive flows are in the NSE Nifty Next 50 Index changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index.
The outright adds to the NSE Nifty Next 50 Index and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months.


NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the <em>next</em> 50 largest names.</li>
<li>Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.</li>
<li>We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).


Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

Authum Investment & Infrastructure / Index Rebalance

Authum Investment & Infrastructure (AIIL IN)

<ul>
<li>With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.</li>
<li>Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.</li>
</ul>


With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.


NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

<ul>
<li>With the review period nearing completion, there could be 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 March.</li>
<li>Constituent changes and capping for non-F&amp;O stocks leads to an estimated one-way turnover of 10.5% and in a round-trip trade of INR 88.5bn (US$974m).</li>
<li>The forecast adds have outperformed the forecast deletes and there could be further performance over the next few weeks ahead of the announcement of the changes.</li>
</ul>


With the review period nearing completion, there could be 5 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in March.
Constituent changes and capping for non-F&amp;O stocks leads to an estimated one-way turnover of 10.5% and in a round-trip trade of INR 88.5bn (US$974m).
The forecast adds have outperformed the forecast deletes and there could be further performance over the next few weeks ahead of the announcement of the changes.


NIFTY NEXT50 Index Rebalance Preview: Forecast Changes & Close Names

<ul>
<li>Foreign investors sold shares in <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> in the last quarter of 2025. The increase in foreign room should result in buying from global index trackers in February.</li>
<li>Estimated passive buying is 214m shares (US$700m; 7.8x ADV; 13.5x delivery volume) and there appears to be minimal positioning in the stock.</li>
<li>
<a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> has outperformed <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> in the last week and that could continue over the near-term.</li>
</ul>


Foreign investors sold shares in Eternal (ETERNAL IN) in the last quarter of 2025. The increase in foreign room should result in buying from global index trackers in February.
Estimated passive buying is 214m shares (US$700m; 7.8x ADV; 13.5x delivery volume) and there appears to be minimal positioning in the stock.

Eternal (ETERNAL IN) has outperformed Swiggy (SWIGGY IN) in the last week and that could continue over the near-term.


Eternal (ETERNAL IN): Foreign Selling Will Lead to Large Passive Buying

India

Info Edge is an Indian technology holding company that owns, operates, and invests in internet-led businesses. It provides online platforms for recruitment (Naukri.com), real estate (99acres.com), matrimony (Jeevansathi.com), and education (Shiksha.com), along with strategic investments in technology startups. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1995.

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Info Edge (INFOE IN)

NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

There are plenty of changes to the NIFTY family of indices in March. The net round-trip trade across all indices is estimated at INR 157.7bn...

Brian Freitas

Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

These are our final expectations for ADDs/DELs for the NIFTY March 2026 index review. The reference period ended on 31st January 2026. We expect...

Janaghan Jeyakumar, CFA

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 9.8% and round-trip trade is INR 26.5bn. With over US$43bn tracking the index...

Brian Freitas

NIFTY NEXT50 Index Rebalance Preview: Forecast Changes & Close Names

There could be 5 changes in March. Estimated one-way turnover is 10.5% and round-trip trade is INR 88.5bn (US$974m). Passives need to trade more...

Brian Freitas

Eternal (ETERNAL IN): Foreign Selling Will Lead to Large Passive Buying

An increase in foreign room should see global index passive trackers buying Eternal in February. Open interest and positioning have been stable....

Brian Freitas

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