Railway major IRFC is set to replace LIC in the Nifty PSE index, while Bharat Heavy Electricals and Cochin Shipyard gained entry into the Nifty India Manufacturing index.
What Happened: NSE announced a rejig of indices which include benchmark Nifty 50 where Trent and BEL gained entry into it replacing Divi's Laboratories and LTIMindtree.
NSE also announced semi annual changes in sectoral indices. In the Nifty PSE index, IRFC replaces LIC being the only change in the index.
The Nifty PSE Index includes the public sector enterprises that are traded in the Indian market. NTPC had the highest weightage in the index with a 13.69% weight while Power Grid has the second-highest with a 10.99% weight, according to data till July 31.
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In the last six months, IRFC has gained 19% while LIC has gained only 1.19%. An investment of ₹1,000 in IRFC during March would have grown to ₹1,200 in August while in LIC the amount would have been more or less the same.
In the Nifty India Manufacturing index, BHEL, Cochin Shipyard, Gujarat Fluorochemicals, Hindustan Copper, Lloyds Metals and Energy, Metro Brands and Timken India have been included. Stocks such as Bata India, Grindwell Norton, Kajaria Ceramics, Navin Fluorine and Sundram Fasteners have been replaced.
Shares of BHEL and Cochin Shipyard gained 30% and 139% respectively in the last 6 months.
The changes will come into effect on September 30.
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