Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  </li>
<li>For BSE 100, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> is a new potential ADD and that has caused major changes to the index change expectations I had previously.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.

Wipro Ltd (WPRO IN)'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  
For BSE 100, Jio Financial Services (JIOFIN IN) is a new potential ADD and that has caused major changes to the index change expectations I had previously.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Adani Ports & Special Economic Zone / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a> will replace <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> in the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index</a> at the close on 21 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a>'s inclusion is a big surprise and there should be a move higher in the stock in the short-term. </li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion was expected and there is positioning in the stock. But there is a lot that passives need to sell too.</li>
</ul>



Adani Ports &amp; Special Economic Zone (ADSEZ IN) will replace Wipro Ltd (WPRO IN) in the S&amp;P BSE SENSEX Index at the close on 21 June.

Adani Ports &amp; Special Economic Zone (ADSEZ IN)'s inclusion is a big surprise and there should be a move higher in the stock in the short-term. 

Wipro Ltd (WPRO IN)'s deletion was expected and there is positioning in the stock. But there is a lot that passives need to sell too.


SENSEX Index Rebalance: And That's a Googly

<ul>
<li>Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> in deletion zone.</li>
<li>
<a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a>, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> and <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> are potential replacements with sector balance likely to come into play.</li>
<li>Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.</li>
</ul>


Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.

Oil &amp; Natural Gas Corp (ONGC IN), Coal India Ltd (COAL IN) and Adani Enterprises (ADE IN) are potential replacements with sector balance likely to come into play.
Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.


SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.


India: Potential Free Float Changes & Passive Flows in May

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.</li>
<li>Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.
Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

Price Gauge
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Coal India Ltd (COAL IN)

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Wipro will be replaced by Adani Ports & S.E.Zone in the SENSEX index as expected. There will be five changes for BSE 100 which are consistent with...

Janaghan Jeyakumar, CFA

SENSEX Index Rebalance: And That's a Googly

Adani Ports will replace Wipro in the Sensex at the close on 21 June. Adani Ports' inclusion is a surprise while Wipro was an expected delete....

Brian Freitas

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

The June changes for the SENSEX should be announced post market close today. Adani Enterprises is an expected inclusion and the stock has zoomed...

Brian Freitas

India: Potential Free Float Changes & Passive Flows in May

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Quiddity Leaderboard BSE/SENSEX Jun 24: Who Will Replace Wipro?

I see Wipro as a high conviction DEL for SENSEX in June 2024 but there are questions marks over who will replace Wipro as size-based rankings and...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Wipro will be replaced by Adani Ports & S.E.Zone in the SENSEX index as expected. There will be five changes for BSE 100 which are consistent with...

Janaghan Jeyakumar, CFA

SENSEX Index Rebalance: And That's a Googly

Adani Ports will replace Wipro in the Sensex at the close on 21 June. Adani Ports' inclusion is a surprise while Wipro was an expected delete....

Brian Freitas

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

The June changes for the SENSEX should be announced post market close today. Adani Enterprises is an expected inclusion and the stock has zoomed...

Brian Freitas

India: Potential Free Float Changes & Passive Flows in May

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

I see Wipro as a high conviction DEL for SENSEX in June 2024 but there are questions marks over who will replace Wipro as size-based rankings and...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Quiddity Leaderboard BSE/SENSEX Jun 24: Who Will Replace Wipro?