India's Adani Ports to replace Wipro in Sensex after BSE rejig

Bharath Rajeswaran
Updated ·2-min read
FILE PHOTO: The Bombay Stock Exchange (BSE) building is seen lit up for Diwali, the Hindu festival of lights, in Mumbai

By Bharath Rajeswaran

BENGALURU (Reuters) -India's Adani Ports and Special Economic Zone will replace Wipro in the 30-stock blue-chip S&P BSE Sensex, the operator of the index said on Friday.

The BSE, in its semi-annual rebalancing exercise, included the country's largest private port operator, making it the first Adani Group company to join the Sensex, effective June 24.

The Sensex ended the session muted ahead of the announcement. [.BO]

Two Adani Group companies - Adani Enterprises and Adani Ports are already part of the other benchmark index NSE Nifty 50.

Adani Ports could see inflows of $252 million after inclusion into the Sensex, while Wipro will likely witness outflows worth $161 million, said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.

Adani Ports' inclusion into the Sensex came on the same day when shares of Adani Enterprises recovered in intraday trade to levels last seen in January 2023, before a report by Hindenburg Research triggered a sell-off in Gautam Adani's ports-to-power conglomerate.

Since that report, Adani Ports and Adani Power have been the best-performing group stocks, rising 86.04% and 157.4%, respectively. They were also the first two Adani companies to bounce back from the drop.

Earlier in May, Adani Ports posted a 76% rise in its fourth-quarter profit, helped by record cargo volumes.

Its stock has jumped 6% this week, its best weekly performance since early February.

Besides the Sensex rejig, REC, HDFC Asset Management, Canara Bank, Cummins India and Punjab National Bank have been included in the BSE 100 index.

The stocks replaced in that index are Page Industries, SBI Cards and Payment Services, ICICI Prudential Life Insurance, Jubilant FoodWorks and Zee Entertainment Enterprises.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Varun H K)

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories

  • Singapore Airlines And Two More Top Dividend Stocks On SGX

    In recent times, the Singapore market has shown a steady, flat performance both over the past week and year, with expectations of earnings growth at an annual rate of 9.2% in the coming years. In such a stable market environment, dividend stocks like Singapore Airlines offer potential for consistent returns, making them an attractive option for investors seeking regular income streams.

  • Seatrium Leads Trio Of Value Stocks On SGX With Appealing Valuation Estimates

    As global financial markets navigate through varying trends, the Singapore Exchange (SGX) continues to present unique opportunities for investors seeking value. Amidst a broader context of technological adoption and shifting consumer behaviors influencing market dynamics, particularly evident in sectors like banking, identifying stocks with appealing valuation estimates becomes crucial. In this environment, understanding the fundamental aspects that contribute to a stock being considered...

  • Mapletree Logistics Trust Reports an 8.9% Year-on-Year Fall in DPU: Does the Industrial REIT See a Recovery Soon?

    The logistics REIT is seeing headwinds that caused its distributable income to dip. The post Mapletree Logistics Trust Reports an 8.9% Year-on-Year Fall in DPU: Does the Industrial REIT See a Recovery Soon? appeared first on The Smart Investor.

  • Tesla stock tumbles after its profit plunged

    Telsa profit in the second quarter plunged more than 40% from a year ago, as the electric vehicle company has faced both more EV competition from established automakers and a slowing of overall EV sales growth.

  • Stock market news today: Dow jumps over 650 points as stock surge caps volatile week on Wall Street

    Investors are looking to the Fed-favored inflation data to calibrate the timing and depth of rate cuts.

  • Fed seen holding rates steady in July, start cuts in Sept

    Before the data, traders had priced in about a 9% chance of a rate cut when the Fed meets next week, but knocked that down to under 7% after a government report showed the economy grew at a 2.8% pace last quarter, faster than had been expected and double the pace in the first quarter of the year. The reacceleration "should help temper concerns about the durability of the expansion and quiet chatter that the Federal Reserve needs to cut interest rates in July," wrote Oxford Economics' Ryan Sweet. Traders of futures contracts tied to the Fed policy rate continue to price in quarter-point interest-rate cuts in each of September, November and December, as they also pared bets on a possible bigger rate cut to start the series.

  • The US economy is pulling off something historic

    The US economy is on the verge of an extremely rare achievement.

  • Fed's preferred inflation gauge shows prices rose at slowest pace since March 2021

    The latest reading on the Fed Reserve's preferred inflation gauge comes just days before the Fed's next policy meeting as investors look for clues on when interest rate cuts might begin.

  • iFAST Corporation Hikes its 2Q 2024 Dividend by 36%: Can the Fintech Continue Raising its Dividends?

    The group released a sparkling set of earnings for the quarter which saw its assets under administration hit a new record. The post iFAST Corporation Hikes its 2Q 2024 Dividend by 36%: Can the Fintech Continue Raising its Dividends? appeared first on The Smart Investor.

  • China central bank surprises by lending again at lower rates

    China's central bank surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy. The medium-term lending facility (MLF) operation comes after the central bank cut several benchmark lending rates on Monday, just days after a top leadership meeting, which had outlined other major reforms. The People's Bank of China (PBOC) issued 200 billion yuan ($27.5 billion) in one-year loans under its MLF at 2.30%, down 20 basis points from its previous MLF loan, the bank said in a statement.

  • Singapore home prices slow, rents fall in cooling market

    Singapore private home prices rose less than estimated and rents edged down in the second quarter, following government efforts to tame the real estate boom.

  • Apple's China smartphone shipments drop 6.7% as Huawei surges, data shows

    BEIJING (Reuters) -Apple's smartphone shipments in China fell by 6.7% in the second quarter of 2024, as the tech giant faced intensifying competition from rivals like Huawei, according to data from market research firm Canalys. Apple's total shipments for the quarter ending in June stood at 9.7 million units, down from 10.4 million units in the same quarter last year, Canalys data shows. In contrast, Huawei's smartphone shipments surged 41% year-on-year to 10.6 milion in the quarter, bolstered by the launch of its new Pura 70 series in April.

  • The Soaring Yen Is a Big Concern for Markets. Why the Currency Is a Threat to Carry Trade.

    One thing to keep an eye on today is the Japanese yen. After a long period of weakening, driven by the Federal Reserve's reluctance to cut interest rates and the Bank of Japan's reluctance to raise them, the tables have now turned. The yen has strengthened to about 150 against the dollar from more than 160 just two weeks ago.

  • Google shows investor patience with Big Tech's AI spending might be running short

    Wall Street’s AI optimism shrinks when the main business is under pressure.

  • Charlie Munger Said 'The Point Of Getting Rich Is So You Don't Have To Get Along With Other People' – He Wanted The Independence, Not The Ferraris

    Last year, just months before his passing at 99, legendary investor Charlie Munger sat down for a rare and insightful interview on the Acquired podcast. Munger, best known as Warren Buffett’s right-hand man and the Vice Chairman of Berkshire Hathaway, shared his wisdom on investing, business, and life. Don't Miss: Can you guess how much the average retirement account balance is? Here’s a hint — it’s only slightly more than a year’s worth of expenses. How much money will a $200,000 annuity pay ou

  • Tesla’s Share Price Rebounded By 56%: Should Investors Jump In or Stay Clear?

    2024 has been a rollercoaster ride for Tesla. With its share prices rebounding 55.6% from its 52-week low, has Tesla broken free from its slump? The post Tesla’s Share Price Rebounded By 56%: Should Investors Jump In or Stay Clear? appeared first on The Smart Investor.

  • Intel Taps Micron Leader To Strengthen AI Chip Strategy

    Intel Corp (NASDAQ:INTC) tapped Dr. Naga Chandrasekaran of Micron Technology, Inc (NASDAQ:MU) as chief global operations officer, executive vice president and general manager of Intel Foundry Manufacturing and Supply Chain organization, effective August 12. Chandrasekaran, an Oklahoma State University, University of California, Berkeley, and University of California, Los Angeles alumni, served as Micron’s senior vice president for Technology Development. Chandrasekaran took over from Keyvan Esfa

  • The lower the AI exposure, the bigger the problem for Europe's chip firms

    Shares in European semiconductor firms less exposed to AI chips slumped on Thursday as falling demand from their key automotive and industrial clients hit business prospects, on top of a wider sector correction. Chip component suppliers like ASML and ASM International are more exposed to the booming AI chip market and demand from high-end tech clients like Nvidia, TSMC, and Intel. "The more high-end applications, linked to AI, those are doing much better," said ING analyst Marc Hesselink.

  • Bitcoin price falls amid broader stock market downturn

    The cryptocurrency has fallen as investors move away from riskier assets

  • Gold prices slide as safe haven plays favor yen; Copper losses deepen

    Investing.com-- Gold prices fell in Asian trade on Thursday, seeing little safe haven demand despite increasing risk-off sentiment as traders rode a sharp appreciation in the Japanese yen.