Shares of JSW Steel surged 8 percent to hit its 52-week high level on Wednesday following the announcement of its entry in NSE Nifty 50 from September 28.

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The stock jumped 7.97 percent to Rs 395.40 -- its 52-week high -- on NSE.

Drug major Lupin will move out from Nifty 50 from September 28.

In its place, JSW Steel will enter the index, NSE Indices (formerly known as India Index Services and Products ) said in a statement on Tuesday.

Shares of Lupin declined 2 percent to Rs 883.30 on NSE.

Besides, it has decided replacement of stock on various other indices including Nifty Next 50, Nifty 500, Nifty 100, Nifty 200, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, Nifty Midcap 100 as well as sectoral indices like PSU Banks, media, realty and commodities, among others.