MUMBAI: Indian stock exchange
on Tuesday said its Index Maintenance Sub-Committee has decided to replace
Housing Development Finance Corporation
in the benchmark Nifty 50 index, effective July 13.
The replacement comes after HDFC merged with HDFC Bank on July 1.
Analysts had earlier said that LTIMindtree was an expected replacement in the Nifty 50 index after HDFC stops trading.
As per preliminary calculations of Nuvama Alternative and Quantitative Research analysts, LTIMindtree should see an inflow of about $150 million to $160 million.
Shares of LTIMindtree have risen 4.5% in the last seven trading sessions.
HDFC is also being replaced in the Nifty 100 index by Jindal Steel & Power.
Jindal Steel & Power will also replace LTIMindtree in the Nifty Next 50 index.