SBI Life Insurance and Divi's Laboratories will enter benchmark index Nifty 50 from September 25, NSE Indices, a subsidiary of the National Stock Exchange, said on Thursday.
Bharti Infratel and Zee Entertainment Enterprises will be dropped from the Nifty 50, NSE Indices said in a statement.
Besides SBI Life Insurance Company and Divi's Laboratories, NHPC, Page Industries and Shriram Transport Finance Company will be excluded from Nifty Next 50.
In their places, Adani Green Energy, Alkem Laboratories, Bharti Infratel, Larsen & Toubro Infotech and Tata Consumer Products will be added in the index.
Changes have been made in several indices, including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Midcap 100, Nifty Midcap 50, Nifty Smallcap 250, Nifty Smallcap 100 and Nifty Smallcap 50 and host of sectoral indices like energy, MNC commodities and services sector.
NSE Indices' Index Maintenance Sub-Committee has decided to make the replacement of stocks in various indices as part of its periodic review. These changes will become effective from September 25.
Also, NSE Indices has revised the eligibility criteria for inclusion in Nifty 500, Nifty 100 and Nifty Midcap 150 indices.
Under the new criteria for Nifty 500, companies should rank within top 800 - based on both average daily turnover and average daily full market capitalisation on the basis of previous six months data.
"The investible weight factor of stock should be at least 0.10 (10 per cent free float) or 6 month average free-float market capitalisation of the stock should be at least 25 per cent of the 6 month average full market valuation of the existing smallest index constituent (prior to index review) by full market capitalization in Nifty 500 as of the cut-off date for inclusion in the index," the NSE Indices said.