Mineral mining company, NMDC and private sector bank IndusInd Bank made their debut among the S&P CNX Nifty stocks today. The two scrips were included in the Nifty from April 1, in place of Wipro and Siemens.
The Nifty is widely tracked by investors around the globe and is used for benchmarking fund portfolios
and is more broad based then the BSE Sensex.
Wipro despite being out of the Nifty was trading steady at Rs 453. Analysts were a little worried on how Wipro was excluded from the Nifty though many believe this was largely on account of a restructuring exercise.
In November last year, the Wipro board approved demerger of the non-IT businesses - Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services - into a privately held company to be named ‘Wipro Enterprises Ltd'
Also read why is Wipro being dumped from the Nifty
Nifty is managed by India Index Services & Products Ltd, an NSE-Crisil joint venture.