Nifty 50 Rejig: IndiGo, Max Healthcare To Replace Hero MotoCorp, IndusInd Bank

Nifty 50 Rejig: Hero MotoCorp and IndusInd Bank are set to be excluded from the Nifty 50 and will be replaced by InterGlobe Aviation (IndiGo) and Max Healthcare Institute as part of the semi-annual review of the NSE Indices. The rejig, which was announced on August 22, 2025, will come into effect from the close of the trading session on September 29, 2025.

NSE Indices, a subsidiary of National Stock Exchange (NSE), reviews its broad market and sectoral indices semi-annually, in March and September, while some thematic and strategy indices are reviewed quarterly.

According to the NSE, the replacements are made based on higher six-month average free-float market capitalisation.

IndiGo’s average stood at Rs 1.13 lakh crore and Max Healthcare at Rs 84,555 crore, while Hero MotoCorp’s and IndusInd Bank’s average stood at Rs 52,336 crore and Rs 55,270 crore, respectively.

The changes in the Nifty 50 will also be applicable to the Nifty50 Equal Weight and the Nifty50 Value 20 indices.

HAL, Divi’s Lab Couldn’t Qualify

Hindustan Aeronautics (HAL) with an average of Rs 82,531 crore and Divi’s Laboratories with Rs 78,577 crore average were next in line, but did not meet the index methodology criteria.

NSE said these two stocks were not considered as their average free-float market capitalisation was less than 1.50 times that of the two smallest Nifty 50 constituents, Adani Enterprises (Rs 62,665 crore) and Apollo Hospitals (Rs 69,203 crore), after the removal of Hero MotoCorp and IndusInd Bank.

Nifty Next 50, Nifty 100 Rejig

Dabur India, ICICI Prudential Life Insurance, Hero MotoCorp, IndusInd Bank and Swiggy will be removed from the Nifty 100. These stocks will be replaced by Hindustan Zinc, Max Healthcare, Mazagon Dock Shipbuilders, Siemens Energy India and Solar Industries.

As a result, the Nifty Next 50 will see the exit of Dabur India, ICICI Prudential Life, InterGlobe Aviation and Swiggy, while Hindustan Zinc, Mazagon Dock Shipbuilders, Siemens Energy India and Solar Industries will be included.

Midcap and Smallcap Indices Rejig

In the mid-cap space, the Nifty Midcap 100 will see the addition of Hero MotoCorp, IndusInd Bank, Dabur, Fortis Healthcare and KEI Industries. On the other hand, Apollo Tyres, Hindustan Zinc, Max Healthcare and Petronet LNG will be removed.

The Nifty Smallcap 100 will see the inclusion of Bandhan Bank, Whirlpool, Gland Pharma, Wockhardt and Star Health, while Bata India, IndiaMart, PVR Inox and Ramkrishna Forgings will exit. The Nifty Midcap 150 and the Nifty Smallcap 250 indices will also see large churns, with more than 20 inclusions and exclusions each.

Sectoral Indices Rejig

Among sectoral indices, the Nifty Auto index will replace MRF and Balkrishna Industries with Sona BLW Precision Forgings and UNO Minda. In the Nifty Financial Services index, HDFC AMC will exit and BSE will join.

The Nifty Pharma index will see Granules India and Natco Pharma replaced by Piramal Pharma and Wockhardt. In Nifty Realty, Signatureglobal India will replace Raymond.

Thematic Indices Rejig

Thematic indices also saw several changes. Bharat Forge will replace DCX Systems in the Nifty India Defence index.

Ather Energy, Force Motors and Schaeffler India will be included in the Nifty EV & New Age Automotive index, replacing Minda Corporation, RattanIndia Enterprises and ZF CV Systems. Dixon Technologies will replace Colgate-Palmolive in the Nifty India Consumption index. In the Nifty India Tourism index, ITC Hotels, The Leela and Ventive Hospitality will be added in place of Westlife Foodworld.

Meanwhile, the Nifty India Manufacturing index will add Mankind Pharma, UNO Minda and Siemens Energy India, while removing Hero MotoCorp, Tata Chemicals and Exide Industries.