Shriram Finance is expected to replace Bajaj Finserv in the BSE Sensex during the December 2026 index review, according to the Quiddity Leaderboard report published on SmartKarma. Based on the latest available data, the report expects one change in the benchmark index, with one-way passive flows estimated at around $439 million.
The six-month reference period for the Sensex review runs from May 1 to October 30, 2026, with constituent selection based on average free-float market capitalisation (AFMC). According to the report, Bajaj Finserv is currently failing the liquidity requirement and is therefore expected to be excluded from the index, while Shriram Finance, ranked 20th by AFMC, qualifies for inclusion as companies ranked among the top 21 are guaranteed entry into the benchmark.
Quiddity, however, noted that the review period has only recently begun and Bajaj Finserv still has time to meet the liquidity requirement. The liquidity test is based on traded value, calculated as the median of the monthly medians of daily traded values over the six-month reference period.
The report also flagged Tech Mahindra as another stock that could face exclusion if it slips below the top 39 during the remaining review period. In that case, Hindalco Industries, Grasim Industries or JSW Steel could be considered for inclusion, with Hindalco Industries emerging as the most likely replacement based on its higher AFMC ranking.
Separately, the report said that if Bajaj Finserv meets the liquidity requirement, Tech Mahindra could instead be excluded, as Shriram Finance remains an unconditional inclusion due to its top-21 ranking. Quiddity estimates that the expected Sensex addition and deletion could each witness trading volumes of more than 6x average daily volume (ADV).
For the September 2026 Nifty 50 review, Quiddity expects BSE Ltd to replace Wipro, with one-way passive flows estimated at around $630 million.
BSE Ltd remains the only expected addition to the Nifty 50, while Wipro is the only expected deletion. According to the report, BSE's average free-float market capitalisation exceeds the required 1.5x threshold relative to Wipro, supporting its inclusion. Both the expected addition and deletion are estimated to witness trading volumes of more than 3x average daily volume.
For the Nifty 100 review, Quiddity expects the maximum five constituent changes permitted in a review. The expected additions are Vedanta Aluminium Metal, Bombay Stock Exchange, Hitachi Energy India, Vodafone Idea and Polycab India, while the expected deletions are Shree Cement, Macrotech Developers, Vedanta, REC and Indian Hotels.
The report said Vedanta Aluminium Metal has emerged as a leading inclusion candidate following Vedanta's five-way demerger, replacing Bharat Heavy Electricals in the expected additions list. Meanwhile, the residual Vedanta has entered the expected deletions list, replacing Zydus Lifesciences.
Quiddity said Bharat Heavy Electricals remains close to the inclusion threshold and could still enter the Nifty 100 if it strongly outperforms Vodafone Idea or Polycab India. Similarly, United Spirits could move into the expected deletions list if it sharply underperforms Indian Hotels.
The report also expects five constituent changes in the Nifty Next 50 index, with one-way passive flows estimated at around $399 million. The expected additions and deletions are likely to witness trading volumes ranging from 0.5x to 5.3x average daily volume, while individual flow sizes are estimated to range between $36 million and $106 million.
