IndusInd, NMDC to replace Wipro, Siemens in Nifty on Apr 1

Moneycontrol Bureau

The NSE benchmark Nifty is going to get bank-heavy with the inclusion of IndusInd Bank in the 50-share house on April 1. The stock has one percent weightage as per free float calculations. Banks already have a sizeable presence in Nifty; and with IndusInd Bank joining the index, their number will go up to 10 which is by far the largest group. The combined weightage of banks on the Nifty will go up to 30 percent.

Siemens is the other stock leaving the index and NMDC will be the second new joinee in the team.

There was a time when Nifty used to be dominated by technology stocks. Wipro, a chip of the old block, leaves the index on the last day of March. Free float calculations show it had a weightage of over 1 percent. Infosys, TCS and HCL Tech remain as last bastions of the old guard.

Here are the banks & financials and their weightage in the Nifty: (*excluding IndusInd Bank’s 1% weight)

AXISBANK	2.2%
BANKBARODA	0.7%
HDFC	6.7%
HDFCBANK	6.4%
ICICIBANK	7.0%
IDFC	1.0%
KOTAKBANK	1.3%
PNB	0.6%
SBIN	3.1%
TOTAL          28.9%*