Adani Ports and Special Economic Zone shares jumped as much as 5 per cent on Thursday on news that the stock will debut in the widely tracked CNX Nifty-50 index with effect from September 28.
A place in the Nifty-50 is a big positive for Adani Ports and Special Economic Zone; the stock will see buying by index funds, which track the Nifty blue chip index. Inclusion in the Nifty index will also increase liquidity in the stock.
Adani Ports and Special Economic Zone will replace NMDC in the Nifty-50. NMDC shares fell as much as much as 4 per cent as index funds are expected to sell their holding in the company.
On Thursday, the NSE also announced the exclusion of Adani Ports, Reliance Power and Union Bank from Nifty Junior Index; these stocks will be replaced by Marico, NMDC and Sundaram Finance.
Adani Ports shares closed 3.99 per cent higher at Rs 334.70, while shares of NMDC ended 2.8 per cent lower at Rs 97.05 compared to 0.08 per cent gain in the broader Nifty.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
