The broader equity benchmark of National Stock Exchange — Nifty — witnessed a shuffling on Friday. The changes in the inclusion of stocks were effective post market hours of Thursday. In a recent shuffling, four heavyweight stocks went out of the index and three were added. The scrips of ACC, Bank of Baroda, Tata Power and Tata Motors DVR were excluded from Nifty 50 and that of Bajaj Finance, Hindustan Petroleum Corporation, and UPL were included in the index with effect from today, 29 September.
On account of inclusion, Bajaj Finance which is also among the best performing stock of this year. It had doubled investor wealth in just nine months since January 2017, rising about 120% and even today it rose 1.7% to hit the day’s high of Rs 1,875. Other two shares which also started their Nifty journey, Hindustan Petroleum Corporation and UPL advanced 4.4% to Rs 434.45 and 3% to Rs 789.2 to respectively to their day’s high.
Earlier on 1 April 2016, shares of Tata Motors DVR, Aurobindo Pharma, Bharti Infratel and Eicher Motors were included and shares Cairn India, Punjab National Bank and Vedanta were removed from Nifty 50. After this shuffling, the Nifty 50 index became an indicator of 51 stocks for the first time ever but now it has again back to Nifty 50, an indicator of 50 stocks.
Apart from Nifty 50, IISL has also done replacement of stock on various other indices including Nifty Next 50, Nifty 500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, Nifty 200, Nifty Small Cap 50 and sectoral indices as well such as Nifty IT, Nifty Realty and Nifty PSU Banks. In this shuffling of stocks, India Index Services and Products (IISL) has made these notable changes as part of its periodic review.