The National Stock Exchange (NSE) is undertaking an index rejig that will see inclusion of Bajaj Finserv, Grasim Industries and Titan Company into the benchmark Nifty 50 from April 2.
“The above replacements will also be applicable to Nifty 50 Equal Weight Index,” an exchange statement said.
The exchange effected changes to broader indices, too. The scam-hit Punjab National Bank (PNB) will move out of the NSE's Nifty Midcap 100 index from April. Nifty Free float Midcap 100 will be renamed as Nifty Midcap 100 effective April 2.
On the Nifty 100, GSK Consumer Health, GSK Pharma, Glenmark Pharma, Tata Power and Torrent Pharma have been excluded while Aditya Birla Capital, General Insurance Corporation of India, Grasim Industries, L&T Finance Holdings and SBI Life will make an entry.
A couple of funds are benchmarked against these indices, which means that any change in an index leads to a corresponding shift in their portfolios.
