NSE Indices to make changes in Nifty ESG and Shariah indices in July 2026 review
Several benchmark structure changes for index-based investment products in the Indian capital market will be implemented at the end of July. NSE Indices Limited stated that these revisions will take effect from July 31, 2026, with the base set at the closing levels of July 30, 2026.
Highlights
- Tata Consultancy Services Ltd. removed from Nifty100 ESG and Nifty100 Enhanced ESG indices, no new companies added.
- Adani Total Gas, Elecon Engineering, and Torrent Pharmaceuticals removed from Nifty500 Shariah; ACC, Ambuja Cements, Hindustan Zinc, Laurus Labs, and Tata Motors added.
- All changes will be effective from July 31, 2026, and these changes are highly significant for investment products, portfolio trackers, and institutional investors.
This article was translated from the original. Read the original version by our correspondent here.
Index changes under the July review
As NSE India reported quoting the National Stock Exchange of India, the Index Maintenance Sub-Committee (Equity) of NSE Indices Limited decides on the inclusion and exclusion of stocks in various indices. In this review, Tata Consultancy Services Ltd. (TCS) is being removed from both Nifty100 ESG and Nifty100 Enhanced ESG, and no new company is being added to either index.The monthly review also brings changes to the Nifty500 Shariah index. Adani Total Gas Ltd., Elecon Engineering Co. Ltd., and Torrent Pharmaceuticals Ltd. are being excluded from this index, while ACC Ltd., Ambuja Cements Ltd., Hindustan Zinc Ltd., Laurus Labs Ltd., and Tata Motors Ltd. are being included.
NSE Indices Limited also states that there are no changes in the Nifty50 Shariah and Nifty Shariah 25 indices. All changes will be effective from July 31, 2026.
Impact on investment products and market benchmarks
NSE Indices Limited, a subsidiary of NSE, manages several equity, strategy, thematic, and customized indices under the Nifty brand for the capital market. Derivatives, index funds, and exchange-traded funds based on these indices have been developed in both Indian and overseas markets.Thus, changes in the composition of ESG and Shariah indices are significant for those investment products, portfolio trackers, and institutional investors that follow these benchmarks. The Nifty 50 remains the flagship index of the company and is widely tracked and traded as the broad standard of the Indian capital market.
In our previous report, we discussed the inclusion of Kusumgar Ltd in the Nifty IPO index, which was to be effective from July 21, 2026 (with the base set after the close of trading on July 20). That update mentioned that there was no exclusion in this change and such inclusions can be significant for products like Nifty-based derivatives, index funds, and ETFs.
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