Zoamto and Jio Financial Service’s share prices to remain in focus as they will be added to the Nifty 50 index. The 50-stock index compiler announced the same on February 21 after market hours. These two stocks replaced Bharat Petroleum Corporation and Britannia. This rejig in Nifty 50 will come into effect from March 28 onwards. There were many other changes announced in other NSE indices as well. BHEL and IRCTC will be excluded from NIFTY100.
The 6-month average free-float market capitalisation of Zomato and Jio Finance within the eligible universe is at least 1.5 times the 6-month average free-float market capitalisation of BPCL and Britannia.
In December 2024, Zomato entered the BSE Sensex index becoming the the first new-age tech company to join the index. It replaced JSW Steel in the index.
A technical point to note is that stocks available for trading in NSE’s Futures & Options segment are only eligible for inclusion in the index.
ALSO READZomato, Jio Financial set to enter Nifty in March; announcement on February 21 Changes in Nifty 100, Nifty 150
In the Nifty Midcap 150, stocks like Bayer Cropscience, CG Power and Industrial Solutions, Delhivery, IDBI Bank, Indian Hotels, Indian Overseas Bank, Metro Brands, Poonawalla Fincorp, and nine other stocks were excluded. It included 360 ONE WAM, Adani Total Gas, Apar Industries, Bharat Heavy Electricals, Blue Star, Glenmark Pharmaceuticals, IRCTC, and other stocks.
The brokerage houses anticipated the addition of two stocks. The first one is the food delivery giant Zomato and the second is Reliance Group’s fintech major Jio Financial Services.
Nuvama Alternative & Quantitative, an international brokerage firm, anticipated the likely inclusion of both these stocks in a research report, replacing Britannia and BPCL. These stocks were the underperformers in the index.
Stock performance of Zomatao and Jio Financial Services
The share price of Zomato has risen 6.5% in the last five trading days. It has given a return of 6.6% in the past one month. However, the investors of Zomato lost 11.4% in the past six months. It raised investors’ share value by 40% in the previous one year.
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