Tech Mahindra, United Spirits to join Nifty

Software company Tech Mahindra and liquor maker United Spirits , which is partially owned by Diageo PLC, would be included in Nifty from March 28, the National Stock Exchange (NSE) said.

The two stocks will replace Jaiprakash Associates and Ranbaxy Laboratories , NSE said in a circular onThursday.

Among other notable changes, Federal Bank would replace Union Bank of India in CNX Bank index.

Nifty Midcap 50 index will have three changes -- financial stocks Bank of India , Canara Bank and Power Finance Corp replace HexawareTechnologies , Housing Development and Infrastructure and JSW Steel .