Note: All the constituents in the table above have been excluded pursuant to exclusion from the Nifty 100 index (a parent index for the Nifty Next 50).
Company
| Symbol
|
Cummins India Ltd.
| CUMMINSIND
|
HDFC Asset Management Company Ltd.
| HDFCAMC
|
Muthoot Finance Ltd.
| MUTHOOTFIN
|
Tata Capital Ltd.
| TATACAP
|
Tata Motors Ltd.
| TMCV
|
Union Bank of India
| UNIONBANK
|
Note: Constituents of Nifty 50 and Nifty Next 50 indices are derived from the Nifty 100 index (a parent index). All constituents in the table above, which are constituents of reconstituted Nifty 100 (but not part of Nifty 50), have been included in the Nifty Next 50 index
Nifty Midcap Select Rejig: Coforge and Godrej Properties Exit; AU SFB, LIC, Paytm, and Swiggy Enter
In the latest Nifty Midcap Select review, Coforge (COFORGE), Cummins India (CUMMINSIND), Godrej Properties (GODREJPROP), HDFC Asset Management Company (HDFCAMC), Mankind Pharma (MANKIND), Muthoot Finance (MUTHOOTFIN), and Union Bank of India (UNIONBANK) have been excluded.
NSE Indices has clarified that Cummins India, HDFC AMC, Muthoot Finance, and Union Bank moved out because they were excluded from the Nifty Midcap 150, the parent index for Midcap Select. Meanwhile, Coforge and Mankind Pharma were removed as they did not feature in the “reranked universe” defined in the methodology, and Godrej Properties was dropped because AU Small Finance Bank’s six-month average free-float market capitalisation was at least 1.5 times that of Godrej Properties
On the inclusion side, AU Small Finance Bank (AUBANK), Fortis Healthcare (FORTIS), Indian Bank (INDIANB), Info Edge (India) (NAUKRI), Life Insurance Corporation of India (LICI), One 97 Communications (PAYTM), and Swiggy (SWIGGY) have been added.
As per the note, Indian Bank and LIC were compulsorily included as they rank within the top five by six-month average full market capitalisation in the eligible universe, while Fortis, Info Edge, Paytm, and Swiggy were compulsorily included as they rank within the top 10 by six-month average free-float market capitalisation in the “reranked universe”.
The methodology also specifies that only stocks available for trading in NSE’s Futures & Options segment are eligible for inclusion in the index.
Rejig in Thematic Indices: Nifty India Defence, Nifty India New Age Consumption, Nifty India Internet, and Others Updated
These reshufflings have been done in the thematic indices as part of NSE’s periodic review, with each index seeing a defined set of inclusions and exclusions.
Nifty Capital Markets
The Nifty Capital Markets index has seen 2 stocks added and 0 excluded. The new entrants are Billionbrains Garage Ventures Ltd. (GROWW) and ICICI Prudential Asset Management Company Ltd. (ICICIAMC), while the index has no deletions in this review.
Nifty EV & New Age Automotive
The Nifty EV & New Age Automotive index has recorded 3 additions and 0 exclusions. The stocks included are Minda Corporation Ltd. (MINDACORP), Tata Motors Ltd. (TMCV), and ZF Commercial Vehicle Control Systems India Ltd. (ZFCVINDIA).
Nifty India Defence
The Nifty India Defence index has seen 2 stocks excluded and 3 stocks included. The exclusions are Cyient DLM Ltd (CYIENTDLM) and Unimech Aerospace and Manufacturing Ltd (UNIMECH), while the inclusions are Aequs Ltd (AEQUS), Apollo Micro Systems Ltd. (APOLLO), and AXISCADES Technologies Ltd (AXISCADES).
Nifty India Internet
The Nifty India Internet index has witnessed 1 exclusion and 7 inclusions. Easy Trip Planners Ltd. (EASEMYTRIP) has been excluded, while Billionbrains Garage Ventures Ltd. (GROWW), Crizac Ltd. (CRIZAC), Meesho Ltd. (MEESHO), Physicswallah Ltd. (PWL), Pine Labs Ltd. (PINELABS), Seshaasai Technologies Ltd. (STYL), and Urban Company Ltd. (URBANCO) have been included.
Nifty India New Age Consumption
The Nifty India New Age Consumption index has seen a 9-stock churn on both sides — 9 excluded and 9 included. The exclusions are Aditya Birla Fashion and Retail Ltd (ABFRL), Aditya Birla Sun Life AMC Ltd (ABSLAMC), BLS International Services Ltd (BLS), Olectra Greentech Ltd (OLECTRA), Sun TV Network Ltd (SUNTV), UTI Asset Management Company Ltd (UTIAMC), Vedant Fashions Ltd (MANYAVAR), V-Guard Industries Ltd (VGUARD), and Welspun Living Ltd (WELSPUNLIV).
The inclusions are Aditya Birla Real Estate Ltd. (ABREL), Ather Energy Ltd. (ATHERENERG), Billionbrains Garage Ventures Ltd. (GROWW), Cartrade Tech Ltd. (CARTRADE), Force Motors Ltd. (FORCEMOT), ICICI Prudential Asset Management Company Ltd. (ICICIAMC), Lenskart Solutions Ltd. (LENSKART), LG Electronics India Ltd. (LGEINDIA), and Physicswallah Ltd. (PWL).
What This Means for Investors
Passive fund flows: ETFs and index funds will rebalance portfolios ahead of the effective date.
Liquidity shifts: Newly included stocks may witness incremental demand from passive flows.
Reclassification impact: Some companies have moved across market-cap buckets rather than exiting the broader market universe.
Methodology-driven changes: Free-float market cap, liquidity filters, derivative eligibility, and reranked universe rules have shaped the final composition.
Conclusion
The March 2026 Nifty index review underscores how dynamic India’s equity landscape remains. While the Nifty 50 stays steady, broader market indices reflect meaningful churn. For investors tracking index-linked products or benchmarking portfolios against these indices, these changes are operationally important and strategically relevant.
The revisions become effective from March 30, 2026