YES Bank shares were top losers on Nifty, declining 4% apiece, following gains in Shree Cement shares that climbed almost 6% after NSE Indices, a subsidiary of the National Stock Exchange (NSE), said it would replace private lender in the benchmark index Nifty 50 with the cement major from March 27.
YES Bank was dropped from Sensex in December 2019. Meanwhile, Shree Cement will become the second core cement company to be a part of Nifty50 after UltraTech Cement.
Following the announcement, share price of YES Bank dropped 4% to the day's low of Rs 33.60 against the previous close of Rs 35.05 on BSE and NSE. YES Bank stock has fallen 2.% in one week, over 12% in one month, 26% year-to-date and 83% in one year. YES Bank is trading lower than its 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of lender currently stands at Rs 8,812 crore. The stock has fallen 12.08% in the last 3 days. Overall, 28 lakh and 512.6 lakh shares are trading on BSE and NSE counters, respectively.
In the meanwhile, Shree Cement stock reacted to the positive news and opened with a gain of 5.05% today. Later, the stock gained 6% to the intraday high of Rs 25,222.90, as against the last close of Rs 23,798.35. Its M-cap stood at Rs 89,300 crore. Shree Cement stock has gained after 6 days of consecutive fall. Although, the stock price of Shree Cement has fallen 0.78% in one week, it has risen 5% in one month, 20% year-to-date and 60% in one year.
Shree Cement stock trades higher than its 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages. Volume-wise, 0.19 lakh and 0.70 lakh shares are changing hands on BSE and NSE, both above 5,10 and 30-day average volume traded.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
The exchange also excluded Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance and L&T Finance Holdings from Nifty Next 50 index. They will be replaced with Adani Transmission, IDBI Bank, Info Edge (India) Ltd, Larsen & Toubro Infotech and Torrent Pharmaceuticals.
Among others, Hexaware Technologies and Tata Elxsi will be excluded from the Nifty IT index and will be replaced by Info Edge (India) and MphasiS.
Moreover, the National Stock Exchange decided to remove Oil India from its derivative segment effective from May 4. "Accordingly, no contracts shall be available for trading in Oil India with effect from May 4, 2020," NSE said in a statement.
NSE Indices is a subsidiary of NSE which provides a variety of indices and index related services for capital markets.