Kotak Mahindra Bank has moved up 2% to Rs 721, after the National Stock Exchange (NSE) announced the inclusion of stock in the S&P CNX Nifty index.
The stock opened at intra-day high of Rs 810 and touched low of Rs 714. Around 359,421 equity shares have changed hands on the NSE.
The NSE announced that it will include Kotak Mahindra Bank, a private sector bank in its benchmark Nifty-50 index, replacing cement company Grasim Industries with effect from April 8.
Following which, Grasim Industries has slipped 1% to Rs 2,628, and has tocuhed a low of Rs 2,601 on the NSE. Around 69,009 equity shares have changed hands at the counter.
The cement sector weightage in the benchmark index will decline to 1.25% from 2.53% currently, while banking sector weigthage in Nifty will rise to 18% from 17.04% now.
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