BSE Ltd will replace Wipro in the Nifty 50 index from September 30, following the National Stock Exchange’s semi-annual review of its benchmark indices.

The change takes effect on Tuesday and will trigger rebalancing by passive funds tracking the index. Nearly $97 billion in assets are benchmarked to the Nifty 50.

BSE’s shares have rallied sharply over the past year on strong trading volumes and the exchange’s growing derivatives business. The inclusion cements its position among India’s most valuable listed companies.

Wipro’s exit reflects its relative underperformance and shrinking weight in the index. Analysts say the reshuffle could drive significant buying in BSE shares by index funds in the coming sessions.

Market participants expect heavy volumes in both stocks as index funds complete their rebalancing. BSE’s inclusion is also likely to boost its visibility among global investors tracking emerging markets. Exchange officials said the milestone reflects years of investment in technology and market infrastructure.