Britannia Industries will replace Hindustan Petroleum Corporation in the Nifty 50 index from March 29, the National Stock Exchange said on Monday.

Shares of HPCL dropped 1.54 per cent to Rs 227.40 on NSE. Britannia Industries on the other hand gained 1.43 per cent to settle at Rs 3,056 on the bourse.

Six stocks, Bajaj Holdings & Investment, Divi's Laboratories, HDFC Asset Management Company Ltd, Hindustan Petroleum Corporation, Page Industries and United Breweries will be included in the Nifty Next 50 index, the NSE said in a release.

Besides similar changes are made in Nifty500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50 and Nifty Midcap 100, Nifty 200, Nifty Financial Services among others, the release added.

In a separate release, the bourse said that it has decided to revise the methodology of sectoral and thematic indices.

According to the revised method, all sectoral indices except for Nifty Tata Group, the weightage of each stock in the indices will be calculated based on its free-float market capitalization such that no single stock shall be more than 34 per cent and weightage of top 3 stocks cumulatively will not be more than 63 per cent at the time of rebalancing, said NSE.

For Nifty Tata Group, the weightage of each stock will be calculated such that no single stock will be more than 25 per cent and weightage of top 3 stocks cumulatively will not be more than 63 per cent at the time of rebalancing, bourse added.

First Published:Feb 26, 2019 5:35 AM IST