NEW DELHI: Shares of JSW Steel advanced over 3 per cent early Wednesday as the steelmaker is set to replace Lupin on the Nifty50 index from September 28.
The scrip was 3.47 per cent up at Rs 378.85 at around 9.25 am while the BSE Sensex was up 61 points, or 0.16 per cent, at 38,957. Lupin was down 1 per cent at Rs 891.90.
NSE Indices, a subsidiary of NSE, has also decided replacement of stocks on other indices, including Nifty Next50, Nifty500, Nifty100, Nifty200, Nifty Midcap150, Nifty Smallcap250, Nifty Midcap50, Nifty Midcap100 as well as sectoral ones such as PSU banks, media, realty and commodities, among others.
Formerly India Index Services & Products, NSE Indices provides an array of indices and index related services for the capital market.
Six companies — Punjab National Bank, Cummins India, Emami, JSW Steel, Power Finance Corporation and Rural Electrification Corporation — will be excluded from the Nifty Next 50 index, which consists of 50 companies from Nifty100 other than the Nifty50 firms.
These firms will be replaced by Bandhan Bank, Biocon, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, Lupin and The New India Assurance Company.
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