Shares of Idea Cellular and Yes Bank rose 1.16% to Rs 1.73% at 9:35 IST on BSE as these two firms will replace DLF and Jindal Steel & Power in the 50-unit Nifty index with effect from 27 March 2015.
Idea Cellular (up 1.73% at Rs 153.25) and Yes Bank (up 1.16% at Rs 834) edged higher. DLF (down 1.35%) and Jindal Steel & Power (JSPL) (down 2.35%) edged lower.
Meanwhile, the S&P BSE Sensex was up 74.93 points or 0.26% at 29,306.34.
The index maintenance sub-committee of India Index Services & Products (IISL) on Friday, 20 February 2015, announced changes in the constituents of the 50-unit CNX Nifty index. IISL said Idea Cellular and Yes Bank will enter the Nifty index in place of DLF and JSPL with effect from 27 March 2015. Nifty based index mutual funds will have to rebalance their portfolio by including Idea Cellular and Yes Bank and exiting DLF and JSPL. An index fund is a passively managed mutual fund scheme in which the scheme's portfolio mirrors the index.
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