Financial Daily from THE HINDU group of publications
Tuesday, Mar 02, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 02, 2004 |
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Markets
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Stock Markets Maruti, Bharti in Nifty index Our Bureau
Mumbai , March 1 THE shares of Maruti Udyog and Bharti Televentures were included in CNX Nifty index from Monday. The shares of these companies closed higher in today's trading and also helped Nifty index to close higher by 52 points at 1852.70. On the NSE, Bharti Televentures stock gained 14.43 per cent at Rs 162.95 and Maruti gained 2.90 per cent at Rs 514.55. Bharti Televentures gained the most among the Nifty stocks in today's trading. Brokers said the rise in the stock price was not just due to their inclusion in Nifty, but on the strong growth potential of these companies. "These is some impact on the stock price due to its inclusion in index, but not entirely," said a dealer with a foreign broking firm. Whenever there are changes in an index, fund managers following the index have to change their portfolios in line with the changes. In this case, Nifty index funds have to include shares of Bharti and Maruti equivalent to their weightage in the index and they have also to exclude the shares that are out of index. These stocks were replaced for NIIT and GlaxoSmithkline Consumer. In today's trading, NIIT gained 2.96 per cent at Rs 189.70 while GlaxoSmithkline Consumer was down 4.67 per cent at Rs 264.35.
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