Avenue Supermarts share price touched 52-week high of Rs 3,425 and adding percent intraday on July 6 after brokerage ICICI Direct said the company may be added in the Nifty50 during the September review.
Hypermarkets chain Avenue Supermarts is expected to be added in the Nifty50 in the September review, ICICI Direct said in a report on July 5.
The index is rejigged considering six months' data ending January and July. The replacement of the stocks in the Nifty50, if any, is generally implemented from the first working day of April and October.
In case of a change, a four weeks' prior notice is given to market participants.
Considering the average free float market-capitalisation since February 1, 2021, the brokerage feels Avenue Supermarts could enter the Nifty50 if it is included in F&O segment.
Info Edge is also likely to be included in the Nifty from the October series. The announcement for the same from the NSE is expected to be made sometime in August, ICICI Direct added.
Based on the index calculation method, IOC has the lowest free float, which would be excluded from the Nifty50 basket, the brokerage added.
At 0947 hours Avenue Supermarts was quoting at Rs 3,412.65, up Rs 52.70, or 1.57 percent, on the BSE.