Nestle hits yearly high ahead of Nifty inclusion

Shares of Nestle India gained while Indiabulls Housing Finance dropped after the National Stock Exchange announced rejig in Nifty 50 Index from 27 September 2019.

Meanwhile, the S&P BSE Sensex was down -244 points or 0.65% to 37207.71.

Shares of the food and beverage maker Nestle India rose 1.79% to Rs 12,738.40 after the National Stock Exchange (NSE) announced the inclusion of the scrip in Nifty 50 Index. The stock hit an intraday high of Rs 12,887, which is also a 52-week high for the scrip.

On the BSE, 1475 shares were traded in the counter so far compared with average daily volumes of 3205 shares in the past two weeks.

Shares of Indiabulls Housing Finance slumped 6.43% to Rs 427.65. The stock would be excluded from the Nifty 50 Index. The changes will be effective 27 September 2019.

The Nifty50 index consists of well-diversified 50 stocks that account for various sectors of the economy. The index is reviewed every six months and a four-week notice is given to the market before making changes to the index set.

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