The BSE Sensex will have 31 stocks starting June 19, as opposed to the 30 stocks that currently constitute India's benchmark index.
In a periodic reconstitution of the its indices, BSE Ltd. dropped state-owned gas distributor GAIL India from the Sensex, it said in a media statement. Kotak Mahindra Bank Ltd. and Tata Motors Ltd. DVR will be added to the index.
This comes almost a year after its rival, National Stock Exchange, had revised its flagship Nifty 50 index to contain 51 stocks, one more than the name suggests.
Kotak Mahindra will become the fifth full bank to be on the index. This means banking, with five traded stocks, will be the most represented sector on the Sensex after automobiles which will include six stocks following the addition of Tata Motors DVR.
GAIL India's exit means there will be only two stocks from the oil and gas sector on the benchmark index.
A host of changes were made in BSE's sectoral indices too. Stocks like Union Bank of India Ltd., Reliance Communications Ltd., and Jindal Steel and Power Ltd. were dropped from the BSE 100, making way for Bajaj Finserv Ltd., Piramal Enterprises Ltd., and Petronet Ltd. among others.
No changes were made to the BSE Sensex 50, BSE Oil and Gas index and the BSE BANKEX Index.
The full list of changes can be accessed here.
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