Adani Ports shares hit 52-week high on inclusion in Sensex; Wipro down 1% on exclusion

Shares of Adani Ports and Special Economic Zone rose nearly 3% to hit a fresh 52-week high in opening trade on Monday as investors cheered a decision to include the Adani Group stock in the Bombay Stock Exchange (BSE) benchmark index Sensex. On the other hand, shares of IT heavyweight Wipro fell nearly 1% on exclusion from the Sensex-30 pack.

Adani Ports shares gained as much as 2.9% to touch a new 52-week high of ₹1,457.25 on the BSE, while the market capitalisation rose to ₹3.12 lak crore. The share price of the infrastructure arm of billionaire Gautam Adani-led Adani Group has more than doubled from its 52-week low of ₹702.85 on May 23, 2023. In the last six months, the counter has risen 72%, while it climbed nearly 10%.

Meanwhile, shares of Wipro slipped as much as 0.82% to ₹459.70, while its market capitalisation fell to ₹2.4 lakh crore as investors reacted to a decision to drop the shares from the Sensex pack. Wipro shares touched its 52-week high of ₹546.10 on February 19, 2024, and a 52-week low of ₹375 on October 26, 2023. In the last one year, Wipro shares have gained 14.5% and 15% in six months, while the IT stock corrected over 1% in a month.

Wipro will be removed from the Sensex, on June 24, and will be replaced by Adani Ports, as part of semi-annual reconstitution of S&P BSE indices. The BSE benchmark Sensex is a free-float market-weighted stock market index of 30 well-established and financially sound companies listed on the Bombay Stock Exchange.

With this, Adani Ports will become the first stock from the 10-listed entities of Adani Group to enter the 30-pack Sensex. Adani Ports is already part of the Nifty50 index along with the group’s flagship company, Adani Enterprises. Adani Ports is the second most valued stock among group peers after Adani Enterprises, which has market cap of ₹3.78 lakh crore.   

As part of the semi-annual rebalancing exercise, Tata Group’s retail arm, Trent, will replace pharma company Divi's Laboratories in the S&P BSE Sensex 50 index.

Meanwhile, Page Industries, SBI Cards, ICICI Prudential Life Insurance, Jubilant FoodWorks, Zee Entertainment Enterprises will be replaced by REC Ltd, HDFC AMC, Canara Bank, Cummins India, Punjab National Bank in the S&P BSE 100 index.

As per the release issued on May 24, AU Small Finance Bank and IDFC First Bank will be replaced by YES Bank and Canara Bank, respectively, in the S&P BSE Bankex index.

In the S&P BSE Sensex Next 50 list, REC, Punjab National Bank, Divi's Laboratories, HDFC Asset Management Company, Canara Bank, and Cummins India will replace Trent, Page Industries, SBI Cards and Payment Services, ICICI Prudential Life Insurance Company, Jubilant FoodWorks, and Zee Entertainment Enterprises.

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