Shares of Apollo Hospitals Enterprise rose as much as 8 percent on Friday on the BSE and NSE after the National Stock Exchange announced that the company's stock would be included in the benchmark Nifty 50 index effective from March 31.

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Apollo Hospitals will replace Indian Oil Corporation Ltd (IOC) from NSE's benchmark index Nifty 50 from March 31. The Index Maintenance Sub-Committee Equity (IMSC) of NSE Indices Limited has decided to make it a part of its periodic review.

Apollo Hospitals will become the first-ever healthcare services company to become part of the benchmark index.

The stock has fallen 23 percent in the past three months and around 26 percent from its 52-week high.

Brokerage firm Edelweiss Securities expects the inclusion of Apollo Hospitals into Nifty 50 to result in inflows of $143 million from exchange-traded funds that mirror the index.

Apart from Nifty 50, changes have been announced in several indices including Nifty Next 50. One 97 Communication, owner of Paytm; FSN E-Commerce Ventures, which runs online marketplace Nykaa, Zomato Ltd, Indian Oil Corporation Ltd, MindTree Ltd and SRF Ltd will find a place in Nifty Next 50.

Apollo Hospitals Enterprise, Aurobindo Pharma, Hindustan Petroleum Corporation Ltd, Indraprastha Gas Ltd, Jindal Steel & Power Ltd and Yes Bank will be excluded from Nifty Next 50.

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