IOB, UCO Bank to move out from Nifty Midcap 50 index

State-run lenders Indian Overseas Bank (IOB) and UCO Bank will be excluded from the NSE's Nifty Midcap 50 index from May 27.

In their places, PC Jeweller and SRF will be included in the index.

The changes were announced by India Index Services and Products Ltd (IISL), an arm of National Stock Exchange.

The changes in the index will be effective from May 27, 2016.

Last week, BSE said it would drop Indian Overseas Bank and UCO Bank from the future and option segment from July 1.

However, the existing contracts of expiry months April, May and June would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months.