Adani Ports Up 3% On Sensex Inclusion, Wipro Tumbles 2%

Market capitalization of Wipro declines to ₹2.37 lakh crore after Sensex exclusion.

Shares of Adani Ports and Special Economic Zone (APSEZ) surged nearly 3% to hit a new 52-week high of ₹1,457.25 on the BSE on Monday. This rise came as investors reacted positively to the inclusion of Adani Group stock in the Bombay Stock Exchange (BSE) benchmark index, Sensex. Conversely, shares of IT giant Wipro fell nearly 2%, trading at 453.90 at 11.43 am following news of its exclusion from the Sensex-30 pack.

The market capitalization of the Adani Ports rose to ₹3.10 lakh crore. The stock has seen a substantial increase from its 52-week low of ₹702.85 on May 23, 2023, more than doubling in value. Over the last six months, Adani Ports' stock has risen by 72%, with a nearly 10% increase in the last month alone.

On the other hand, Wipro shares slipped which reduced its market capitalization to ₹2.37 lakh crore. The decline follows the announcement that Wipro will be dropped from the Sensex pack. On February 19, 2024, Wipro hit its 52-week high of ₹546.10, and on October 26, 2023, it reached its 52-week low of ₹375. Wipro's stock has increased 14.5% in the last year, including a 15% surge in the last half-year. But throughout the previous month, the stock had dropped more than 1%.

On June 24, as part of the semi-annual reconstitution of the S&P BSE indices, Adani Ports will be added to the Sensex. With this addition, a stock from the Adani Group's ten listed firms will be included in the 30-pack Sensex for the first time. Adani Ports and Adani Enterprises, the group's main business, are already included in the Nifty50 index. Adani Ports, with a market capitalization of ₹3.78 lakh crore, is the second most valuable stock among Adani Group peers, behind Adani Enterprises.

Other Index Changes

Trent, the retail division of the Tata Group, will take Divi's Laboratories' spot in the S&P BSE Sensex 50 index as part of the rebalancing process. Furthermore, REC Ltd, HDFC AMC, Canara Bank, Cummins India, and Punjab National Bank will take the places of Page Industries, SBI Cards, ICICI Prudential Life Insurance, Jubilant FoodWorks, and Zee Entertainment Enterprises in the S&P BSE 100 index.

YES Bank and Canara Bank will take the places of AU Small Finance Bank and IDFC First Bank in the S&P BSE Bankex index, respectively. Moreover, Trent, Page Industries, SBI Cards and Payment Services, ICICI Prudential Life Insurance Company, Jubilant FoodWorks, and Zee Entertainment Enterprises will be replaced on the S&P BSE Sensex Next 50 list by REC, Punjab National Bank, Divi's Laboratories, HDFC Asset Management Company, Canara Bank, and Cummins India.