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.
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What seemed like a possibility for the Nifty to cross the 8,000 mark just two weeks ago has now turned out to be a far-fetched dream. A 7,950-8,000 range could be used to book partial profits and re-enter closer to 7,750-7,800 for the next couple of weeks. The next big trigger would be the arrival of monsoons, writes Ambareesh Baliga. Read