Now Reading: BSE shares jump 3% on Nifty entry hopes, Wipro swap out
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BSE shares jump 3% on Nifty entry hopes, Wipro swap out
BSE shares jumped over 3% on Monday, with traders betting that the stock exchange operator will replace Wipro in the Nifty 50 index. As of 11:44 a.m., the shares pared some gains…
The Story in Brief
BSE shares jumped over 3% on Monday, with traders betting that the stock exchange operator will replace Wipro in the Nifty 50 index. As of 11:44 a.m., the shares pared some gains to trade 3.3% higher at Rs 3,569 apiece, compared to a marginal advance in the benchmark Nifty index, NDTV Profit reports.
The rally is driven by market speculation that BSE will enter the benchmark index during the next rebalancing, forcing index funds to buy the stock. The potential swap out of Wipro adds to the narrative.
The Indian Opinion
The market is already pricing in BSE's entry into the Nifty 50, with the swap out of Wipro adding fuel. But such bets can backfire if the index rebalancing committee surprises. The real test will be the actual announcement of the reconstitution, likely in September. Until then, traders are speculating on a decision that is far from certain.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above.
