The latest entrants to the benchmark Nifty 50 index, food delivery major Zomato and non-banking financial company Jio Financial Services, saw their shares end mixed on their first day.
At close, Jio Financial Services shares gained 0.6 percent, settling at Rs 227.03 apiece, while shares of Zomato gave up intraday gains to close at Rs 201.2, lower by 2.5 percent.
The exclusion of Britannia Industries caused the shares to rally 2.3 percent in trade, to end trade at Rs 4,950 on the NSE, while BPCL's stock trimmed intra-session wins to settle at Rs 278.35, gaining over 0.8 percent during the session.
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On the Nifty Junior front, latest entrants, Indian Hotels Company was traded with gains, while Hyundai Motor India, CG Power, Swiggy and Bajaj Housing Finance were down two percent.
The inclusion of Zomato and Jio Financial Services was expected to bring passive inflows of $602 million and $308 million into the headline Nifty 50 index, according to Nuvama Institutional Equities. On the flip side, the exclusion of Britannia Industries and BPCL would lead to outflows of $238 million and $225 million, respectively.
In the March rejig, Grasim Industries ($9 million), Adani Enterprises ($9 million), UltraTech Cement ($6 million), and Cipla ($5 million) are also expected to see their weightage in the Nifty 50 index rise, while Bajaj Finance (-$79 million), HDFC Bank (-$51 million), Reliance Industries (-$41 million), ICICI Bank (-$35 million), and Infosys (-$24 million) will see their weights in the index go down.
In the key banking gauge, Bank Nifty, the weightage of SBI, Federal Bank, Bank of Baroda, IndusInd Bank, IDFC First Bank, Punjab National Bank, AU Small Finance Bank and Canara Bank was expected to rise, while banking bellwethers Kotak Mahindra Bank, ICICI Bank, Axis Bank, and HDFC Bank's weightages were reduced.
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