NSE Index Rebalancing: March 2026 Update – Detailed List
As part of its periodic review, NSE Indices Limited has approved the replacement of several stocks across its major indices.
- Effective Date: March 30, 2026
- Cut-off Date: After market close on March 27, 2026
The Broader NSE Index Structure
To understand the reshuffle, it helps to look at how the NSE classifies its broader market indices. The Nifty 500 acts as the master index, containing three main market-cap buckets:
- Nifty 100 (Largecap): Consists of the Nifty 50 + Nifty Next 50
- Nifty Midcap 150: Broken down into subsets (Midcap 100 & Midcap 50)
- Nifty Smallcap 250: Broken down into subsets (Smallcap 100 & Smallcap 50)
Blended Indices:
- LargeMidcap 250: Nifty 100 + Midcap 150
- MidSmallcap 400: Midcap 150 + Smallcap 250
Beyond the Nifty 500:
- Microcap 250: The next 250 stocks ranking just below the Nifty 500.
Detailed Index Changes
Nifty 50 & Nifty 100 (Largecap)
Nifty 50: No changes.
Nifty 100: 6 constituents changed (6% churn). All excluded stocks were demoted to Midcap indices.
Nifty Next 50: 6 constituents excluded (mirroring the Nifty 100 exclusions).
Nifty Midcap 150
- 16 constituents changed (10.7% churn).
Nifty Smallcap 250
- 33 constituents changed (13.2% churn).
Nifty Smallcap 100 (As it’s a benchmark for most of the small-cap mutual funds)
- 24 constituents changed (24% churn)
When 24% of an index is swapped out in a single review, you have to wonder if it’s actually a reliable yardstick for market performance?
The Nifty 500 (Master Index)
Because the Nifty 500 encompasses the Large, Mid, and Smallcap indices, any stock entering or exiting the 500 is directly placed into or removed from one of those underlying buckets.
- 31 constituents changed (6.2% churn).
Beyond the Nifty 500 (Microcap 250)
The Nifty Microcap 250 experienced a massive reshuffle, marking the highest turnover among the listed indices.
- 63 constituents changed (25.2% turnover).
Conclusion
- Legacy consumption and housing-linked names like V-Guard, Century Ply, Cera, Vedant Fashions and energy play Gujarat Gas have seen exclusions across broader indices, while new-age platform businesses such as Lenskart, Meesho, Urban Company, Pine Labs and capital market platform Groww have been widely included.
- In financials, the tilt is toward fee-based and diversified models, with ICICI Prudential AMC, HDB Financial, Piramal Finance and Tata Capital gaining presence, while traditional insurers like ICICI Prudential Life lose representation in key financial indices.
- On the energy front, NTPC Green Energy has entered thematic indices replacing Gujarat Gas, signaling a shift from gas to renewables.
- Manufacturing is also evolving, with specialty and transition-linked companies like Anthem Biosciences, Anupam Rasayan, GE Vernova T&D, Hindustan Copper gaining inclusion, while older industrial names such as Praj Industries, Sundram Fasteners and Cummins India move down the market-cap ladder.
- In healthcare, companies like Acutaas, Anthem Biosciences and Blue Jet Healthcare are being added, while Alembic Pharma and Metropolis are excluded, indicating a move toward specialty and CDMO-focused players.
