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The stock of United Spirits came under pressure in early trade on Thursday on exclusion from Nifty. The stock opened at 3 per cent lower at Rs 2,390 but recovered to Rs 2,419.15, still down 1.5 per cent over the previous day's close.
Zee Entertainment Enterprises, which will replace United Spirits, jumped to a high of Rs 300, and is currently hovering around Rs 291, up one per cent over the previous day's close.
The NSE on Wednesday said that Zee Entertainment Enterprises will replace United Spirits in the 50-share CNX Nifty index from September 19.
Currently, about 25 domestic mutual funds schemes, including exchange traded funds, track Nifty. Besides, over 10 ETFs tracking Nifty have been launched. All these funds have to adjust their holding in tune with Nifty.
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