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  1. NSE rejig: PNB to be removed from midcap index; Titan, Bajaj Finserv, Grasim to join Nifty, 9 major changes

NSE rejig: PNB to be removed from midcap index; Titan, Bajaj Finserv, Grasim to join Nifty, 9 major changes

NSE rejig: The fraud-hit Punjab National Bank will be removed from the Nifty Mid100 Free index while shares of Titan Company, Bajaj Finserv and Grasim Industries will join the benchmark Nifty index. We take a look at nine major changes in the indices of National Stock Exchange.

By: | Published: February 22, 2018 2:34 PM
Among the Nifty Bank index, state-run lender Canara Bank will be replaced by RBL Bank. (Image: Wikimedia Commons)

The fraud-hit Punjab National Bank will be removed from the Nifty Mid100 Free index while shares of Titan Company, Bajaj Finserv and Grasim Industries will join the benchmark Nifty index. These changes are announced as a part of a periodic review of IISL (India Index Services and Products Ltd), the manager of indices of National Stock Exchange. “These changes shall become effective from April 2, 2018 (close of March 28, 2018), IISL said in a press release. Following the inclusion of Titan Company, Bajaj Finserv and Grasim Industries three other companies namely, Ambuja Cements, Aurobindo Pharma and Bosch Ltd will be dropped from the index.

A bundle of changes have been announced in other indices such as Nifty Next 50, Nifty 500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty MidSmallcap 400, Nifty Midcap 50, Nifty 200, Nifty Smallcap 50, Nifty LargeMidcap 250, Nifty Bank, Nifty Financial Services, Nifty Media, Nifty Pharma, Nifty Commodities, Nifty India Consumption, Nifty PSE, Nifty100 Liquid 15, Nifty Midcap Liquid 15, Nifty Dividend Opportunities 50 and Nifty SME Emerge.

Here are 9 major changes:

  1. PNB will be excluded from Nifty free float Midcap 100 index.
  2. Among the Nifty Bank index, state-run lender Canara Bank will be removed and RBL Bank will be a part of one of the most tracked sectoral index Nifty Bank.
  3. The state-owned LIC Housing Finance will be removed from Nifty Financial Services index and companies such as Edelweiss Financial Services, General Insurance Corporation of India, ICICI Prudential Life Insurance Company, IIFL Holdings, Indiabulls Housing Finance and Max Financial Services will join the index.
  4. In the Nifty Media index, Navneet Education will be replaced by Balaji Telefilms.
  5. Pharma sector indicator, Nifty Pharma will see an entry of Biocon and an exit of GlaxoSmithKline Pharmaceuticals.
  6. In the Nifty Commodities index, National Aluminium Company will be seen replacing Dalmia Bharat.
  7. Amid the Nifty India Consumption index, ADAG firm Reliance Infrastructure will be replaced by InterGlobe Aviation.
  8. In Nifty PSE index, the state-run insurer which launched the biggest IPO in 2017 General Insurance Corporation of India will be included and Engineers India will be dropped.
  9. Nifty Next 50 index will witness a replacement of companies like Bajaj Finserv, GlaxoSmithKline Consumer Healthcare, GlaxoSmithKline Pharmaceuticals, Glenmark Pharmaceuticals, Tata Power Company, Titan Company and Torrent Pharma. Large-cap companies such as Aditya Birla Capital, Ambuja Cements, Aurobindo Pharma, Bosch, General Insurance Corporation of India, L&T Finance Holdings and SBI Life Insurance Company will join in.

“No changes are being made to Nifty Auto, Nifty FMCG, Nifty IT, Nifty Metal, Nifty Private Bank, Nifty PSU Bank, Nifty Realty, Nifty MNC, Nifty Energy, Nifty Infrastructure, Nifty Aditya Birla group, Nifty Mahindra Group, Nifty Tata group, Nifty Tata group 25% Cap, Nifty Services Sector and Nifty Growth Sectors 15 indices,” IISL said further.

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