At midday, JFS shares were trading at Rs 318.70, marking a 6.45% increase. The development came as a relief for the stock, which has seen declines in recent months but has gained attention for its potential in the derivatives market.

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If added to Nifty, Zomato is expected to see $661 million in passive flows. Jio Financial, on the other hand, is expected to attract $403 million inflows.

Jio Financial Services and Zomato are poised to replace Bharat Petroleum Corporation Limited (BPCL) and Eicher Motors in the Nifty 50 index druing its rebalancing in March 2024, according to JM Financial.

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In case Zomato and Jio Financial do get included in the Nifty next year, Nuvama expects the exclusion of stocks like BPCL and Eicher Motors from the index. If that happens, Eicher could see outflows worth $263 million and $246 million for BPCL.