Wipro, Tata Steel in contention to dislodge ONGC from BSE Sensex

Wipro or Tata Steel are likely to dislodge state-owned Oil and Natural Gas Corporation (ONGC) in the benchmark Sensex, as per an analysis by done by Brian Freitas, an independent analyst publishing on Smartkarma.

The 30-share bluechip index is rebalanced on a semi-annual basis with next rejig slated for June 18. However, the changes to the index are announced a month in advance.

“We see Oil & Natural Gas Corp (ONGC IN) as a high probability deletion, while Wipro Ltd (WPRO IN) holds the edge over Tata Steel Ltd (TATA IN) as an index inclusion,” Freitas wrote in a note.

Six-month average free-float market capitalisation is one of the key parameters to determine addition or deletion of stocks.