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>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

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

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 Bottom-Up

<ul>
<li>Info Edge delivered 12.1% year-on-year growth in Q2 FY26 billings to INR 729 crore, led by steady momentum in Non-IT hiring and healthy traction in 99acres and Jeevansathi.</li>
<li>The mix shift toward Non-IT and consumer-facing platforms signals a stronger, more balanced growth profile, cushioning the business from the ongoing IT hiring slowdown.</li>
<li>With diversified revenue streams, disciplined cost control, and early benefits from AI integration, Info Edge appears positioned for sustained growth and gradual margin expansion ahead.</li>
</ul>


Info Edge delivered 12.1% year-on-year growth in Q2 FY26 billings to INR 729 crore, led by steady momentum in Non-IT hiring and healthy traction in 99acres and Jeevansathi.
The mix shift toward Non-IT and consumer-facing platforms signals a stronger, more balanced growth profile, cushioning the business from the ongoing IT hiring slowdown.
With diversified revenue streams, disciplined cost control, and early benefits from AI integration, Info Edge appears positioned for sustained growth and gradual margin expansion ahead.


Info Edge Q2 Preview: Non-IT Gains Help Maintain Overall Growth Momentum

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 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

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Info Edge Q2 Preview: Non-IT Gains Help Maintain Overall Growth Momentum

Info Edge reports 12.1% YoY growth in Q2 FY26, driven by Non-IT hiring and consumer platforms, signaling a balanced growth profile and potential...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Info Edge Q2 Preview: Non-IT Gains Help Maintain Overall Growth Momentum

​Info Edge reports 12.1% YoY growth in Q2 FY26, driven by Non-IT hiring and consumer platforms, signaling a balanced growth profile and potential...

Sudarshan Bhandari

Info Edge reports 12.1% YoY growth in Q2 FY26, driven by Non-IT hiring and consumer platforms, signaling a balanced growth profile and potential...