Despite having a market share of close to 70% in terms of loans and deposits, the prominence of state-owned banks in the Nifty50 has fallen considerably over the last 22 years since the inception of the index. Of the four banks that were part of the index at the time of its inception, three belonged to the government, whereas the lone public sector bank in the current bunch of seven bank members is State Bank of India (SBI). The four banks which had been in the index since inception were Oriental Bank of Commerce, IDBI Bank, SBI and HDFC Bank. However, only 14 of the Nifty50 constituents have stayed put as members of the index since its inception in 1996, showed an FE analysis of historical index data. The data also suggests companies like Bajaj Auto, Dr Reddy\u2019s Laboratories, Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) were re-inducted multiple times during the same period. For instance, Dr Reddy\u2019s, an index member at the time of inception, had been excluded in May 1997, but reinstated after two years. The company was again dropped in September 2008 before being re-inducted in October 2010. Similarly, HPCL, which became a part of the index in May 1997, was excluded in December 2007 before making a comeback in September 2017. Interestingly, none of the state-owned banks made a comeback to the index once they were dropped from the gauge. The combined market capitalisation of the initial 14 members today is around Rs 34 lakh crore, which is 39.8% of the Nifty50\u2019s current market capitalisation, with Reliance Industries (RIL) leading the pack with a market valuation of Rs 8.1 lakh crore. Public sector banks that became a part of the Nifty50 during the rebalancing process include Bank of India, Punjab National Bank and Bank of Baroda. While Punjab National Bank was dropped from the index in April 2016, Bank of Baroda was excluded in September 2017. With JSW Steel set to replace Lupin in the NSE Nifty50 Index from September 28, the Sajjan Jindal-led company would be the 94th stock to be included in the broader index since its inception. Tata Consultancy Services became a part of the index within six months of going public; Infosys, had to wait five years since listing.