Nifty-50 rejig on the cards

New-age stocks are seen poised to enter the Nifty-50 index, with Info Edge (India) being the closest contender. An ICICI Securities report said that based on data till July 19, the upcoming semi-annual Nifty-50 reshuffle could result in Info Edge being the closest contender to replace IOCL on September 29.

"However, Info Edge is marginally behind in terms of average free-float market capitalisation criteria ($5bn and 3.7 per cent lower than 1.5x that of IOCL - the smallest free float market cap stock within the current NIFTY50 index), while fulfilling other conditions such as inclusion in the F&O list and being part of the upcoming proforma NSE100 universe amongst others," it said.

Info Edge will be the first pure play internet platform company to be included in the Nifty50 index as and when it qualifies.

"To put things into perspective the US Dow Jones Industrial Average still doesn't have any of the internet platform companies such as Amazon or Google as part of its constituents, given the limitations of it being a price weighted index," the report said.