Jio Financial Services’ exit from benchmark Nifty and other indices of the NSE effective Thursday, September 7, will unlikely have a ripple effect on Nifty stocks, according to Nuvama. Likening its redistribution to tossing a pebble into a vast market ocean, the brokerage called the exercise ‘insignificant’ to the fortunes of the headline index. The stock carries a weight of 1% in the Nifty index and the redistribution after its exit will remain neutral to the inflows in the index. Despite Jio Financial Services’ ouster from the Nifty, the impact on the overall market is expected to be minimal.