Britannia to replace HPCL to enter Nifty 50 index

The changes will be effective from March 29, 2019.

Feb 26, 2019 02:02 IST India Infoline News Service

The Index Maintenance Sub-committee (IMSC) of the National Stock Exchange Indices, in its press note informed that the committee has decided to replace oil marketing company Hindustan Petroleum Corporation (HPCL) with Britannia Industries on the flagship Nifty50.

The changes will be effective from March 29, 2019, the committee said in a press note on Monday after market hours.

Further, Den Networks, Eveready Industries, GVK Power, Manpasand Beverages, and Tata Sponge are among 25 stocks that were excluded from the index.

The committee also made a few changes in indices such as Nifty Next 50, Nifty500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, and Nifty Midcap 100, among others.

Meanwhile, in a separate press release, the exchange informed that it has decided to revise the methodology of sectoral and thematic indices.

Accordingly, all sectoral indices except for Nifty Tata Group, the weightage of each stock in the indices will be calculated based on its free-float market capitalisation such that no single stock shall be more than 34% and weightage of top 3 stocks cumulatively will not be more than 63% at the time of rebalancing, said NSE.

For Nifty Tata Group, the weightage of each stock will be calculated such that no single stock will be more than 25% and weightage of top 3 stocks cumulatively will not be more than 63% at the time of rebalancing, it said in a statement.

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