Shares of LIC Housing Finance Ltd. rose on Wednesday as it is set to replace Housing Development Finance Corp. in the Nifty Financial Services Index from July 13.
The index maintenance sub-committee on Tuesday said the changes to the composition of various NSE indices in light of the merger of HDFC with HDFC Bank.
Shares of LIC Housing Finance rose 4.28% intra-day before paring gains to trade 0.64% higher at Rs 392.70 as of 11 am. This compares to a 0.05% dip in the NSE Nifty 50.
The total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index was at 59.8, implying that the stock may be overbought.
Of the 34 analysts tracking the company, 20 maintain a 'buy' rating, seven recommend a 'hold' and seven suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.4%.
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