IndiGo, Max Healthcare Trade Mixed Following Nifty 50 Rejig
IndiGo and Max Healthcare have replaced IndusInd Bank Ltd. and Hero MotoCorp Ltd., which have moved out of the 50-stock index.
InterGlobe Aviation Ltd., the parent entity of IndiGo, rose 1.35% and Max Healthcare Institute declined 1.76% after the decision that both stocks will soon be included in Nifty 50 on Monday, following a Rejig in the benchmark index of the National Stock Exchange.
The two companies have replaced IndusInd Bank Ltd. and Hero MotoCorp Ltd., which have moved out of the 50-stock index. The changes will come into effect on Sept. 30, according to a release issued by NSE on Friday.
Indigo stock was trading 0.08% higher at Rs 6,091.50 apiece as of 09:32 a.m., meanwhile, Max Healthcare was down 1.82% to trade at Rs 1,212.20 apiece.
IndiGo and Max Health have been added to the index based on a higher six-month average free-float market capitalisation, as per a release. IndiGo's free-float stands at Rs 1.14 lakh crore, while Max Health's free-float market cap is currently Rs 84,555 crore.
IndusInd Bank and Hero MotoCorp will be slipping to the Nifty Midcap Select. Hero MotoCorp, with its average free-float market cap of Rs 52,336 crore, and IndusInd Bank, with its free-float of Rs 55,270 crore, have been removed from Nifty 50 as a result of their exclusion from Nifty 100 index. the Nifty 100 index is a parent index for the Nifty 50.
