LTIMindtree takes HDFC's place in Nifty, JSW Steel in Sensex: Key index changes from July 13
LTIMindtree shares entered the Nifty 50 universe on July 13, taking the place vacated by Housing Development Finance Corporation (HDFC) owing to the mortgage lender's mega merger with HDFC Bank. Similarly, JSW Steel entered the 30-scrip Sensex basket, replacing HDFC.
LTIMindtree shares traded as part of the headline Nifty 50 index on Thursday, replacing Housing Development Finance Corporation (HDFC) which got delisted from stock exchanges owing to the mortgage lender's mega merger with HDFC Bank. The stock of IT major LTIMindtree gained by as much as Rs 127.7 or 2.7 per cent to Rs 4,943.9 apiece on NSE. The amalgamation between HDFC and HDFC Bank came into force on July 1.
Similarly, JSW Steel replaced HDFC in the Sensex basket of 30 scrips. The steelmaker's stock rose by Rs 10.1 or 1.2 per cent to Rs 814.4 apiece at the stongest level of the day on BSE.
Investors bid farewell to the HDFC stock at the end of the session on Wednesday. All derivative (futures & options) contracts in HDFC shares expired at the end of the session on July 12.
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LTIMindtree began its journey on the bourses in November 2022 after a merger between the L&T group and Mindtree.
Analysts say the entry of LTIMindtree and JSW Steel shares in the benchmark indices will likely lead to inflows in both stocks.
Here's a summary of other key changes in BSE and NSE indices owing to HDFC's exit:
- JSPL replaces HDFC in Nifty 100
- JSPL replaces LTIMindtree in Nifty Next 50
- Mankind Pharma replaces HDFC in Nifty 500
- Mankind Pharma replaces JSPL in Nifty Midcap 100
- LIC Housing Finance replaces HDFC in Nifty Financial Services
- Poonawalla Fincorp replaces HDFC in Nifty Financial Servieces Ex Bank
- JBM Auto replaces HDFC in BSE 500
- Apollo Hospitals Enterprise replaces HDFC in Sensex 50
- Zomato replaces Apollo Hospitals in Sensex Next 50
What happened to HDFC shares?
As part of the HDFC-HDFC Bank deal, investors received 42 shares of HDFC Bank for every 25 shares held in HDFC. ALSO READ: A summary of key bank mergers in India's corporate history