Nestle India Surge On Nifty Rejig, Indiabulls Lags

The share price of Nestle India jumps over 3pc intraday on Thursday on reports that IndiaBulls Housing Fin stock will be replaced by Nestle India on the Nifty50 index next month. Conversely, Indiabulls Housing lags over 5% after NSE revised the eligibility criteria for stock inclusion in the Nifty indices.

The NSE’s Index Maintenance Committee has determined to include Nestle India Ltd in the Nifty50 within the framework its periodic review since the company’s market valuation or M-Cap has increased over half of its Nifty components.

Nestle India share price on Thursday touched an intraday high level at Rs.12,890.00 as its One-Year-high level on the NSE, while Indiabulls Housing Finance hit its one-yer-low level at Rs.420.80 per share.

At 1.20pm, IndiaBulls share price quoted at Rs.434.60 apiece, down 4.95% from its previous closing on the NSE. At the same time, Nestle India’s high-value share priced at Rs.12724.50 per share up by 1.65% or Rs207.10 from its previous closing. In comparison, Nifty stood at 10974-level down by 71-pts and the Sensex traded at 37193-mark down by 258-pts.

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