Reuters Market Eye - Lupin (LUPN.NS) and UltraTech Cement (ULTC.NS) will be the new additions to the Nifty, the exchange said on its web site on Thursday.
The two stocks will replace Steel Authority of India (SAIL.NS) and Sterlite Industries STRL.NS as per the statement.
The changes will be effective from September 28.
Analysts say the removal of SAIL and Sterlite from the Nifty underlines the negative sentiment prevailing on the materials sector even as valuations are at multi-year lows.
Trending On Reuters
With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column