The NSE has announced on Tuesday evening that share listing of Shree Cement will be replacing Yes Bank in the Nifty-fifty index. The reconstitution in the index will be with effect from March 27, 2020.
Yes Bank slipped an intraday low at Rs.33.60-apiece, down by over 1.75-pc while Shree Cement rallied it’s intraday high at Rs.25,199.90 after the announcement.Avail Nifty trading tips from our experts.
Shree-Cement stock is a high-valued one. A day after the announcement of index reconstitution, the share price gained Rs.722 or 3 percent to currently quote at Rs.24,499.70-per share on the NSE during the mid-noon session at 12:00-hrs. At the same time, the Sensex added 271 points to 41166-level and the Nifty gained 82 points to 12,075-level.
Index Re-Equip in NSE Listing: In a statement, the NSE additionally stated that under Nifty-IT, Hexaware-Technologies and Tata-Elxsi will be replaced as well, and the two entities will be replaced by InfoEdge & Mphasis.
Also, NSE indices in its statement said that Vodafone Idea Cellular, Ashok-Leyland, Indiabulls Housing Finance, L&T Finance Holdings, and Shree-Cement will be exempted from Nifty-Next-50, NSE Indices said in a statement.Stock Market Tips click on the link.
Conversely, the stock of Adani-Transmission, IDBI-Bank, Info-Edge-India, L&T Infotech & Torrent Pharmaceuticals would be added in Nifty-Next-50 index.