On Monday, the Index Maintenance Sub-Committee (IMSC) of NSE (National Stock Exchange) decided to replace HPCL (Hindustan Petroleum Corporation Limited) with Britannia on its benchmark index Nifty 50. The changes will be effective from 29 March.

Following the news, in Tuesday morning trade, shares of Britannia Industries rose as much as 5 percent to an intraday high of Rs 3,085 while shares of HPCL declined 2 percent to Rs 221.40 apiece.

Changes were also decided for other indices on NSE like the Nifty Next 50, Nifty 500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, Nifty Midcap 100, among others.

A total of 25 changes have been made to the broader index Nifty 500. While Eveready Industries, GVK Power, Manpasand Beverages, Den Networks, and Tata Sponge are set to be excluded, recent listings like Aavas Financiers, Fine Organic Industries, HDFC Asset Management Company, TCNS Clothing Co and IndoStar Capital Finance and made it to the list.

In a separate release, NSE said it was decided to revise the methodology of sectoral and thematic indices for all sectoral indices except for Nifty Tata Group where the weightage of each stock in the indices will be calculated based on its free-float market capitalization in a way that no single stock shall be more than 34 percent and weightage of the top 3 stocks collectively will not be more than 63 percent at the time of rebalancing.