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The NSE Indices, formerly known as India Index Services & Products, on August 28 decided to replace drugmaker Lupin with alloy maker JSW Steel in the Nifty50, with effect from September 28.
After this decision, Lupin stock fell 1.6 percent on Wednesday but rebounded on following days to rally 5 percent in two consecutive sessions.
However, JSW Steel surged 9 percent on Wednesday followed by 0.6 percent correction on Thursday and Friday last week.
The immediate sentiment impact was seen in both stocks which was temporary in nature but that does not change companies' fundamentals or outlook, experts said.
Generally, exchanges regularly restructure indices through various criteria including trading volume, free float, liquidity etc, which help exchanges maintain the quality of every index.
If we look at the performances of these stocks, JSW Steel gained 20 percent in August and 47 percent year-to-date, while Lupin rallied just 14 percent in the last month and 5.4 percent year-to-date.
The major change that will happen after the rejig will be the sectoral weightage in Nifty50.
After excluding Lupin, there would be just three stocks — Dr Reddy's Labs, Sun Pharma and Cipla — in the index which would bring down the weightage of pharma sector to around 2.5 percent from 3.14 percent earlier.
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