Nestle India will replace Indiabulls Housing Finance in the Nifty-50 Index

Mumbai: National Stock Exchange of India (NSE) announced major overhaul of constituents of its various indices including the benchmark index Nifty-50 with effect from September 27, 2019.

Nestle India will replace Indiabulls Housing Finance in the Nifty-50 Index.

"The Index Maintenance Sub-Committee of NSE has decided to make the replacement of stocks in various indices as part of its periodic review. These changes shall become effective from September 27, 2019 (close of September 26, 2019)," a release issued by NSE said.

Nestle India shares closed 0.36 per cent higher at Rs 12,517.40 per share on the NSE and touched a high of Rs 12,850 in intra-day trade.

Indiabulls Housing Finance ended 3.08 per cent down at Rs 457. Indiabulls Housing Finance along with Berger Paints, Power Finance Corporation and Punjab National Bank have been included in the Nifty Next 50 Index replacing ABB India, Bharat Heavy Electricals, MRF and Steel Authority of India, the release said.

Also 21 new entrants including Adani Gas, Abbott India, Bayer Cropscience and Arvind Fashions find place in the Nifty 500 Index with exclusion of same number of stocks from the Index.