New Nifty50 constituents, Bajaj Finserv, Grasim Industries and Titan Company were trading mixed on Monday after inclusion in the benchmark index Nifty50. While Bajaj Finserv and Grasim Industries gained as much as 1.8% and 3.7% respectively, Titan Company rose only 0.5% in intra-day trade.
With Bajaj Finserv’s inclusion, the number of financial services firms in the Nifty will increase to 11, while Aurobindo Pharma’s exit will bring down the number of pharma companies to four.
Bajaj Finserv, which rose over 275% in the last month, started offering personal loans at reduced interest rates of 12.99 per cent for a loan amount above Rs 10 lakh.
Analysts say the addition of Bajaj Finserv would further increase the weight of financial services sector in the index. The sector already holds the maximum weight in the index of about 30%.
It hit a high of Rs 5,284 and a low of 5,071 in intra-day deals today.
Titan Company also gained 127% in the last one month while Grasin Industries was down 92% in the same time period.
Newly listed companies also found favors in the current leg of index revisions by IISL as insurance companies General Insurance Company (GIC Re) and SBI Life have been included in the Nifty Next Fifty index.
Interestingly, Punjab National Bank (PNB) has been excluded from the Nifty Mid-cap index. The stock has been under tremendous pressure for the last two weeks after the alleged $2 billion fraud came to light.