The National Stock Exchange announced on Wednesday that Shriram Finance Ltd will replace UPL Ltd in the benchmark Nifty50 index, effective from March 28. This change comes as UPL has been excluded from the Nifty50 index following its removal from the Nifty 100 index.
The bourse announced that Shriram Finance has been added to the Nifty50 index, replacing UPL Ltd, due to its highest 6-month average free-float market capitalization within the eligible universe.
Adani Power, Indian Railway Finance Corporation, Jio Financial Services, Power Finance Corporation, and REC Ltd have also joined the Nifty Next 50 index. Conversely, Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance have been removed from the index.
A significant reshuffling has taken place within the Nifty 500 index, with 34 stocks being added and removed. Among the additions are Honasa Consumer, Jio Financial, Jammu & Kashmir Bank, AstraZeneca Pharma, Chennai Petroleum Corporation, JSW Infrastructure, Jupiter Wagons, Nuvama Wealth, and Railtel Corporation. Conversely, Brightcom Group, Delta Corp, Go Fashion, Infibeam Avenues, Nazara Technologies, Pfizer, Orient Electric, Rallis India, Rossari Biotech, and Shoppers Stop are among those being excluded.
Not only the Nifty 500, but other indices such as Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, and Nifty Midcap Select have also undergone significant changes. Vodafone Idea has been included in the Nifty Midcap Select index, ranking within the top 5 based on 6-month average full market capitalization within the eligible universe.
In addition, Lupin, PI Industries, and UPL have found their place in the Midcap Select index, ranking within the top 10 based on 6-month average free float market capitalization in the reranked universe. Conversely, Abbott India, Balkrishna Industries, Bandhan Bank, and Power Finance Corp are set to be removed from the Midcap Select index.:
