NIFTY 50 explained

The NIFTY 50 is an Indian stock market index that represents the float-weighted average of 50 of the largest Indian companies listed on the National Stock Exchange.^{[1] [2]} Nifty 50 is owned and managed by NSE Indices, which is a wholly owned subsidiary of the National Stock Exchange of India.^{[3] [4]} The Nifty 50 index was launched on 22 April 1996 with the base date of 3 November 1995.^{[5] [6]}

The NIFTY 50 index ecosystem consists of index funds (both onshore and offshore mutual funds and ETFs), and futures and options at NSE and NSE International Exchange (through GIFT Nifty).^{[7] [8]} In 2016, NIFTY 50 was reported by the WFE and FIA as the world's most actively traded index options contract, but it was later overtaken by Nifty Bank.^{[9] [10] [11]}

The NIFTY 50 index covers 13 sectors of the Indian economy and offers investment managers exposure to the Indian market in one portfolio. As of July 2024, NIFTY 50 gives a weightage of 32.76% to financial services including banking, 13.76% to information technology, 12.12% to oil and gas, 8.46% to consumer goods, and 8.22% to automotive.

Total assets under management of passive funds (ETFs and index funds) in India tracking Nifty indices reached Rs 7.8 lakh crores, accounting for 73% of equity and debt passive funds’ AUM of Rs 10.7 lakh crores in India as of September 30, 2024. There are 343 passive products tracking Nifty index in India as of September 30, 2024. There are 30 ETFs and index funds and 2 ETNs tracking Nifty indices in international markets with a total AUM of ~US $5 billion as of September 30, 2024.^[12]

Methodology

The NIFTY 50 index is a free float market capitalisation-weighted index.

Stocks are added to the index based on the following criteria:

1. Must have traded at an average impact cost of 0.50% or less during the last six months for 90% of the observations, for the basket size of Rs. 100 Million.
2. The company should have a listing history of 6 months.
3. Companies that are allowed to trade in F&O segment are only eligible to be constituent of the index.
4. The company should have a minimum listing history of 1 month as on the cutoff date

The index was initially calculated on a full market capitalization methodology. On 26 June 2009, the computation was changed to a free-float methodology.^[13] The base period for the NIFTY 50 index is 3 November 1995, which marked the completion of one year of operations of the equity market segment on NSE. The base value of the index has been set at 1000 and a base capital of ₹ 2.06 trillion.^[14]

The index is re-balanced on semi-annual basis. The cut-off date is January 31 and July 31 every year and average data for the previous six months from the cut-off date is considered to filter stocks. A notice of 4 weeks from the date of change is given to market participants so that they can prepare for any changes.

Constituents

The Nifty 50 has the following constituents, as of 30 September 2024.

Company name	Symbol	Sector[15]	Date added[16]
Adani Enterprises	ADANIENT	Metals & Mining	30 September 2022
Adani Ports & SEZ	ADANIPORTS	Services	28 September 2015
Apollo Hospitals	APOLLOHOSP	Healthcare	31 March 2022
Asian Paints	ASIANPAINT	Consumer Durables	27 April 2012
Axis Bank	AXISBANK	Financial Services	27 March 2009
Bajaj Auto	BAJAJ-AUTO	Automobile and Auto Components	1 October 2010
Bajaj Finance	BAJFINANCE	Financial Services	29 September 2017
Bajaj Finserv	BAJAJFINSV	Financial Services	2 April 2018
Bharat Electronics	BEL	Capital Goods	30 September 2024
Bharat Petroleum	BPCL	Oil, Gas & Consumable Fuels	28 October 2002
Bharti Airtel	BHARTIARTL	Telecommunication	1 March 2004
Britannia Industries	BRITANNIA	Fast Moving Consumer Goods	29 March 2019
Cipla	CIPLA	Healthcare	7 October 1998
Coal India	COALINDIA	Oil, Gas & Consumable Fuels	10 October 2011
Dr. Reddy's Laboratories	DRREDDY	Healthcare	1 October 2010
Eicher Motors	EICHERMOT	Automobile and Auto Components	1 April 2016
Grasim Industries	GRASIM	Construction Materials	2 April 2018
HCLTech	HCLTECH	Information Technology	28 October 2002
HDFC Bank	HDFCBANK	Financial Services	22 April 1996
HDFC Life	HDFCLIFE	Financial Services	31 July 2020
Hero MotoCorp	HEROMOTOCO	Automobile and Auto Components	7 October 1998
Hindalco Industries	HINDALCO	Metals & Mining	22 April 1996
Hindustan Unilever	HINDUNILVR	Fast Moving Consumer Goods	22 April 1996
ICICI Bank	ICICIBANK	Financial Services	25 January 2002
IndusInd Bank	INDUSINDBK	Financial Services	1 April 2013
Infosys	INFY	Information Technology	7 October 1998
ITC	ITC	Fast Moving Consumer Goods	22 April 1996
JSW Steel	JSWSTEEL	Metals & Mining	28 September 2018
Kotak Mahindra Bank	KOTAKBANK	Financial Services	8 April 2010
Larsen & Toubro	LT	Construction	10 December 2004
Mahindra & Mahindra	M&M	Automobile and Auto Components	18 September 1996
Maruti Suzuki	MARUTI	Automobile and Auto Components	1 March 2004
Nestlé India	NESTLEIND	Fast Moving Consumer Goods	27 September 2019
NTPC	NTPC	Power	24 September 2007
Oil and Natural Gas Corporation	ONGC	Oil, Gas & Consumable Fuels	12 April 2004
Power Grid	POWERGRID	Power	14 March 2008
Reliance Industries	RELIANCE	Oil, Gas & Consumable Fuels	22 April 1996
SBI Life Insurance Company	SBILIFE	Financial Services	25 September 2020
Shriram Finance	SHRIRAMFIN	Financial Services	28 March 2024
State Bank of India	SBIN	Financial Services	22 April 1996
Sun Pharma	SUNPHARMA	Healthcare	17 January 2002
Tata Consultancy Services	TCS	Information Technology	25 February 2005
Tata Consumer Products	TATACONSUM	Fast Moving Consumer Goods	31 March 2021
Tata Motors	TATAMOTORS	Automobile and Auto Components	22 April 1996
Tata Steel	TATASTEEL	Metals & Mining	22 April 1996
Tech Mahindra	TECHM	Information Technology	28 March 2014
Titan Company	TITAN	Consumer Durables	2 April 2018
Trent	TRENT	Consumer Services	30 September 2024
UltraTech Cement	ULTRACEMCO	Construction Materials	28 September 2012
Wipro	WIPRO	Information Technology	27 September 2013

Index changes

Changes in index constituents since Nifty 50 adopted free float criteria in 2009:

Constituent excluded	Constituent included	Date of replacement	Reason for exclusion	Ref
Grasim Industries	Kotak Mahindra Bank	8 April 2010	Demerger	[17]
ABB India	Bajaj Auto	1 October 2010	Inadequate market capitalization	[18]
Idea Cellular	Dr. Reddy's Laboratories
Unitech	Sesa Goa
Suzlon	Grasim Industries	25 March 2011		[19]
Reliance Capital	Coal India	10 October 2011		[20]
Reliance Communications	Asian Paints	27 April 2012		[21]
Reliance Power	Bank of Baroda
Steel Authority of India	Lupin	28 September 2012		[22]
Sterlite Industries	UltraTech Cement
Siemens	IndusInd Bank	1 April 2013		[23]
Wipro	NMDC		Demerger
Reliance Infrastructure	Wipro	27 September 2013	Inadequate market capitalization	[24]
JP Associates	Tech Mahindra	28 March 2014		[25]
Ranbaxy Laboratories	United Spirits
United Spirits	Zee Entertainment Enterprises	19 September 2014	Exclusion from F&O segment	[26]
DLF	Idea Cellular	27 March 2015	Inadequate market capitalization	[27]
Jindal Steel & Power	Yes Bank
IDFC	Bosch India	29 May 2015	Demerger	[28]
NMDC	Adani Ports & SEZ	28 September 2015	Inadequate market capitalization	[29]
Cairn India	Aurobindo Pharma	1 April 2016	Merger	[30]
Punjab National Bank	Bharti Infratel		Inadequate market capitalization
Vedanta	Eicher Motors		Merger
BHEL	Indiabulls Housing Finance	31 March 2017	Inadequate market capitalization	[31]
Idea Cellular	Indian Oil Corporation
Grasim Industries	Vedanta	26 May 2017	Demerger	[32]
ACC	Bajaj Finance	29 September 2017	Inadequate market capitalization	[33]
Bank of Baroda	Hindustan Petroleum
Tata Power	UPL
Ambuja Cements	Bajaj Finserv	2 April 2018		[34]
Aurobindo Pharma	Grasim Industries
Bosch India	Titan Company
Lupin	JSW Steel	28 September 2018		[35]
Hindustan Petroleum	Britannia Industries	29 March 2019		[36]
Indiabulls Housing Finance	Nestlé India	27 September 2019		[37]
Yes Bank	Shree Cement	19 March 2020	Reconstruction scheme	[38]
Vedanta	HDFC Life	31 July 2020	Proposed delisting	[39]
Zee Entertainment Enterprises	SBI Life Insurance Company	25 September 2020	Inadequate market capitalization
Bharti Infratel	Divi's Laboratories		Merger
GAIL	Tata Consumer Products	31 March 2021	Inadequate market capitalization	[40]
Indian Oil Corporation	Apollo Hospitals	31 March 2022		[41]
Shree Cement	Adani Enterprises	30 September 2022		[42]
HDFC	LTIMindtree	13 July 2023	Merger	[43]
UPL	Shriram Finance	28 March 2024	Inadequate market capitalization	[44]
Divi's Laboratories	Bharat Electronics	30 September 2024		[45] [46]
LTIMindtree

Statistics

Record values

Category	All-time highs[47]
	Value	Date
Closing	26,216.05	Thursday, 26 September 2024
Intraday	26,277.35	Friday, 27 September 2024

High Value Record

!Record Value!First Touch

1000	2 December 1999
2000	2 December 2004
3000	30 January 2006
4000	1 December 2006
5000	27 September 2007
10000	25 July 2017
15000	5 February 2021
20000	11 September 2023
25000	1 August 2024
26000	24 September 2024

Major single day falls

Following are some of the notable single-day falls of the NIFTY 50 Index.

Date! width="20%"

Fall	Probable reason
31 March 1997	89.50 points (8.46%)	Congress withdraws support to the United Front coalition government.[48] [49]
28 October 1997	88.20 points (7.87%)	Asian financial crisis.[50]
4 April 2000	106.65 points (6.90%)	Dot-com bubble burst.[51]
14 May 2004	135.10 points (7.87%)	2004 Indian general election results.
17 May 2004	196.90 points (12.24%)	2004 Indian general election results.[52]
21 January 2008	496.50 points (8.70%)	US subprime mortgage crisis.[53]
22 January 2008	309.50 points (5.94%)	US subprime mortgage crisis.
24 October 2008	386 points (13.11%)	Global financial crisis.[54]
24 August 2015	490.95 points (5.92%)	Chinese stock market crash.[55]
9 March 2020	538.00 points (4.90%)	COVID-19 pandemic.[56]
12 March 2020	868.25 points (8.30%)	COVID-19 pandemic; WHO declares it a pandemic.[57]
16 March 2020	757.80 points (7.61%)	COVID-19 pandemic.[58]
23 March 2020	1135.20 points (12.98%)	COVID-19 pandemic.[59]
4 June 2024	1379.40 points (5.93%)	The incumbent government secured fewer seats in the 2024 Indian general elections than was predicted by the exit polls.[60]

Major single day gains

Following are some of the notable single-day gains of the NIFTY 50 Index.

Date! width="20%"

Gain	Probable reason
18 May 2009	651.50 points (17.74%)	2009 Indian general election results caused multiple trading curbs.[61]
20 September 2019	655.45 points (6.12%)	Announcement of corporate tax rate cuts.[62]
25 March 2020	516.80 points (6.62%)	US Senate passes a $2.2 trillion economic stimulus bill in response to the COVID-19 pandemic.[63]
7 April 2020	708.40 points (8.76%)	Indications that COVID-19 cases were easing around the world.[64]
1 February 2021	646.60 points (4.74%)	Union budget day by Nirmala Sitharaman.[65]

Annual returns

The following table shows the annual development of the NIFTY 50 since 2000.^{[66] [67]} The historical daily returns data can be accessed from the NSE website.^[68]

Year	Closing level	Change in Index in Points	Change in Index in %
2000	1,263.55	−216.90	−14.65
2001	1,059.05	−204.50	−13.94
2002	1,093.50	34.45	3.25
2003	1,879.75	786.25	71.90
2004	2,080.50	200.75	10.68
2005	2,836.55	756.05	36.34
2006	3,966.40	1,129.85	39.83
2007	6,138.60	2,172.20	54.77
2008	2,959.15	−3,179.45	−51.79
2009	5,201.05	2,241.90	75.76
2010	6,134.50	933.45	17.95
2011	4,624.30	−1,510.20	−24.62
2012	5,905.10	1,280.80	27.70
2013	6,304.00	398.90	6.76
2014	8,282.70	1,978.70	31.39
2015	7,964.35	−336.35	−4.06
2016	8,185.80	239.45	3.01
2017	10,530.70	2,344.90	28.65
2018	10,862.55	331.85	3.15
2019	12,168.45	1,305.90	12.02
2020	13,981.75	1,813.30	14.90
2021	17,354.05	3,372.30	24.12
2022	18,105.30	751.25	4.32
2023	21,731.40	3621.1	20.02

Derivatives

Trading in futures and options on the NIFTY 50 is offered by the NSE and NSE International Exchange (NSEIX).^{[69] [70]} NSE offers weekly as well as monthly expiry options. It is the second most traded index option in the world after Nifty Bank.^[71]

NSE allows international traders to trade on the NIFTY 50 by GIFT NIFTY. The same index had previously operated under the name SGX Nifty, and was traded on the Singapore Exchange. It was rebranded to GIFT Nifty on 3 July 2023 and trading was moved to the NSE International Exchange (NSEIX) situated in GIFT City, Gandhinagar.^{[72] [73]} The CEO of NSEIX called it a watershed moment since it was the first time India got back an international contract which had previously been exported.

NIFTY Next 50

See main article: NIFTY Next 50. NIFTY Next 50, also called NIFTY Junior, is an index of 50 companies whose free float market capitalisation comes after that of the companies in NIFTY 50. NIFTY Next 50 constituents are thus potential candidates for future inclusion in NIFTY 50.^[74]

See also

• NSE Indices
• BSE SENSEX
• GIFT Nifty
• List of companies listed on the National Stock Exchange of India

External links

• Bloomberg page for NIFTY:IND
• NSE official site

Notes and References

1. Web site: NSE Indices . live . https://web.archive.org/web/20240412191903/https://archives.nseindia.com/content/indices/ind_nifty50.pdf . 2024-04-12 . 2024-04-13 . National Stock Exchange of India.
2. Web site: Broadmarket indices – NIFTY 50 Index . live . https://web.archive.org/web/20190421182544/https://www.nseindia.com/products/content/equities/indices/nifty_50.htm . 21 April 2019 . 2023-03-04 . .
3. Web site: Corporate structure . live . https://web.archive.org/web/20200725150256/https://www.nseindia.com/structure-key-personnel/corporate-structure . 2020-07-25 . 2020-06-25 . National Stock Exchange of India.
4. Web site: About NSE Indices . live . https://web.archive.org/web/20200113084405/https://www.nseindia.com/nse-indices . 2020-01-13 . 2024-07-08 . National Stock Exchange of India.
5. Web site: 2017-07-25 . Nifty's journey from 1,000 to 10,000: Brief history and major milestones . 2024-11-09 . Financialexpress . en.
6. Web site: Nifty Indices .
7. Web site: NSE Equity Derivatives Contract Specifications . live . https://web.archive.org/web/20190816215703/https://www.nseindia.com/products/content/derivatives/equities/contract_specifitns.htm . 2019-08-16 . 2019-08-16 . National Stock Exchange of India.
8. Web site: Taparia . Vidhi . 2023-07-10 . What is 'GIFT Nifty' — the new avatar of the India-Singapore joint stock exchange, now in Gujarat . live . https://web.archive.org/web/20230904153909/https://theprint.in/theprint-essential/what-is-gift-nifty-the-new-avatar-of-the-india-singapore-joint-stock-exchange-now-in-gujarat/1660722/ . 2023-09-04 . 2024-04-12 . . en-US.
9. Sudhin . Serah . September 2017 . The Journey of Nifty-Fifty . dead . International Journal of Academic Research and Development . 2 . 5 . 4 . 2455-4197 . https://web.archive.org/web/20210107231956/http://www.academicjournal.in/download/691/2-5-63-604.pdf . 2021-01-07 . 2021-01-06.
10. News: Nifty Options most actively traded globally for index options in 2015 . 13 August 2024 . Business Today . 13 May 2016 . en.
11. News: Raj . Shubham . NSE largest derivatives exchange for 3rd year, Nifty Bank most traded index option . 13 August 2024 . The Economic Times . 19 January 2022.
12. Web site:
13. News: 2009-03-25 . Free float m-cap to decide Nifty value . live . https://web.archive.org/web/20240412192946/https://economictimes.indiatimes.com/free-float-m-cap-to-decide-nifty-value/articleshow/4311871.cms . 2024-04-12 . 2024-04-12 . . 0013-0389.
14. Web site: NSE – National Stock Exchange of India Ltd.. Nseindia.com. 18 May 2016. 1 July 2022. https://web.archive.org/web/20220701145358/https://www1.nseindia.com/products/content/equities/indices/indices.htm. live.
15. Web site: Index Constituent - Nifty 50 . live . https://web.archive.org/web/20240524073805/https://www.niftyindices.com/IndexConstituent/ind_nifty50list.csv . 2024-05-24 . 2024-07-01 . NSE Indices.
16. Web site: Index Inclusion Exclusion . live . https://web.archive.org/web/20240609183107/https://www.niftyindices.com/Monthly_Report/IndexInclExcl.xls . 2024-06-09 . 2024-02-15 . NSE Indices.
17. News: Bhayani . Rajesh . 2013-01-21 . Nifty, Sensex a long way from truly representing the economy . live . https://web.archive.org/web/20240224134057/https://www.business-standard.com/article/markets/nifty-sensex-a-long-way-from-truly-representing-the-economy-110041400036_1.html . 2024-02-24 . 2024-02-13 . Business Standard.
18. News: 2010-09-30 . Nifty-50 to include Sesa Goa, Bajaj Auto, Dr Reddy's from Oct 1 . live . https://web.archive.org/web/20211221102618/https://www.business-standard.com/article/economy-policy/nifty-50-to-include-sesa-goa-bajaj-auto-dr-reddy-s-from-oct-1-110093000206_1.html . 2021-12-21 . 2021-12-21 . Business Standard.
19. News: 2011-02-10 . Grasim replaces Suzlon in Nifty . live . https://web.archive.org/web/20211221102617/https://www.thehindubusinessline.com/markets/stock-markets/Grasim-replaces-Suzlon-in-Nifty/article20093044.ece . 2021-12-21 . 2021-12-22 . . en.
20. News: 2011-08-25 . Coal India to replace Reliance Capital stock in Nifty 50 from Oct 10 . live . https://web.archive.org/web/20211221060557/https://economictimes.indiatimes.com/markets/stocks/news/coal-india-to-replace-reliance-capital-stock-in-nifty-50-from-oct-10/articleshow/9737210.cms . 2021-12-21 . 2021-12-21 . The Economic Times.
21. News: 2017-11-14 . RCom, RPower to go out of Nifty-50 from April 27 . live . https://web.archive.org/web/20240609183101/https://www.thehindubusinessline.com/markets/stock-markets/RCom-RPower-to-go-out-of-Nifty-50-from-April-27/article20408576.ece . 2024-06-09 . 2021-12-21 . . en.
22. News: 2012-09-27 . SAIL, Sterlite make way for UltraTech, Lupin on Nifty . live . https://web.archive.org/web/20211221055230/https://www.hindustantimes.com/business/sail-sterlite-make-way-for-ultratech-lupin-on-nifty/story-4D5OeIPcwEZiOqdaqFGWfP.html . 2021-12-21 . 2021-12-21 . . en.
23. News: Shah . Ami . 2013-02-14 . Wipro, Siemens to be excluded from Nifty from 1 April . live . https://web.archive.org/web/20240224134057/https://www.livemint.com/Money/ZDerOoTnc1lSYIVcoHMsDN/Wipro-Siemens-shares-fall-after-removal-from-NSE-index.html . 2024-02-24 . 2024-01-27 . . en.
24. News: 2013-08-27 . Wipro to enter Nifty from September 27; Reliance Infrastructure to exit . live . https://web.archive.org/web/20211221054006/https://economictimes.indiatimes.com/markets/stocks/news/wipro-to-enter-nifty-from-september-27-reliance-infrastructure-to-exit/articleshow/22100423.cms . 2021-12-21 . 2021-12-21 . The Economic Times.
25. News: 2014-02-27 . Ranbaxy, JP Associates to exit Nifty from Mar 28 . live . https://web.archive.org/web/20211221071918/https://www.business-standard.com/article/pti-stories/ranbaxy-jp-associates-to-exit-nifty-from-mar-28-114022700872_1.html . 2021-12-21 . 2021-12-21 . Business Standard.
26. News: 2014-08-20 . Zee Entertainment to Replace United Spirits in Nifty From September 19 . live . https://web.archive.org/web/20211220144030/https://www.ndtv.com/business/zee-entertainment-to-replace-united-spirits-in-nifty-from-september-19-651117 . 2021-12-20 . 2021-12-20 . NDTV.
27. News: 2015-02-23 . DLF, JSPL shares fall on exit from Nifty from March 27 . live . https://web.archive.org/web/20211220144859/https://economictimes.indiatimes.com/markets/stocks/news/dlf-jspl-shares-fall-on-exit-from-nifty-from-march-27/articleshow/46344723.cms . 2021-12-20 . 2021-12-20 . The Economic Times.
28. News: 2014-04-29 . IDFC to exit Nifty index; Bosch new replacement . live . https://web.archive.org/web/20240224134057/https://economictimes.indiatimes.com/markets/stocks/news/idfc-to-exit-nifty-index-bosch-new-replacement/articleshow/47100058.cms . 2024-02-24 . 2024-01-27 . The Economic Times.
29. News: 2015-08-12 . Adani Ports to replace NMDC on Nifty from September 28 . live . https://web.archive.org/web/20211220142546/https://economictimes.indiatimes.com/markets/stocks/news/adani-ports-to-replace-nmdc-on-nifty-from-september-28/articleshow/48455761.cms . 2021-12-20 . 2021-12-20 . The Economic Times.
30. News: 2016-02-23 . NSE exchange to add 4 companies, drop Cairn India, Vedanta, PNB from index . live . https://web.archive.org/web/20211220142541/https://economictimes.indiatimes.com/markets/stocks/news/nse-exchange-to-add-4-companies-drop-cairn-india-vedanta-pnb-from-index/articleshow/51094595.cms . 2021-12-20 . 2021-12-20 . The Economic Times.
31. News: 2017-02-16 . IOC, IBHFL to replace Idea, BHEL in NSE Nifty50 from March 31 . live . https://web.archive.org/web/20211220144255/https://www.business-standard.com/article/markets/ioc-ibhfl-to-replace-idea-bhel-in-nse-nifty50-from-march-31-117021600934_1.html . 2021-12-20 . 2021-12-20 . Business Standard.
32. News: 2018-01-12 . Grasim out, Vedanta in Nifty 50 index . live . https://web.archive.org/web/20211221054007/https://www.thehindubusinessline.com/markets/stock-markets/grasim-out-vedanta-in-nifty-50-index/article9712683.ece . 2021-12-21 . 2021-12-21 . . en.
33. News: 2020-08-20 . Divi's Labs And SBI Life Enter Nifty 50, Zee And Bharti Infratel Out . live . https://web.archive.org/web/20200925160944/https://www.bloombergquint.com/markets/divis-labs-and-sbi-life-enter-nifty-50-zee-and-bharti-infratel-out . 2020-09-25 . 2020-09-15 . . en.
34. News: 2018-02-22 . Nifty Rejig: Ambuja, Aurobindo & Bosch Out; Grasim, Titan & Bajaj Finserv Included . live . https://web.archive.org/web/20211220142541/https://www.moneycontrol.com/news/business/markets/nifty-rejig-ambuja-aurobindo-grasim-titan-bajaj-finserv-included-2513249.html . 2021-12-20 . 2021-12-20 . . en.
35. News: Burugula . Pavan . 2018-08-29 . JSW Steel to replace pharma firm Lupin in Nifty 50 from September 28 . live . https://web.archive.org/web/20211220135535/https://www.business-standard.com/article/markets/jsw-steel-to-replace-pharma-firm-lupin-in-nifty-50-from-september-28-118082900021_1.html . 2021-12-20 . 2021-12-20 . Business Standard.
36. Web site: 2019-02-25 . Britannia to replace Hindustan Petroleum in Nifty 50 from 29 March . live . https://web.archive.org/web/20190927073624/https://www.livemint.com/market/stock-market-news/britannia-to-replace-hindustan-petroleum-in-nifty-50-from-29-march-1551116705011.html . 2019-09-27 . 2019-09-27 . Mint.
37. Web site: Staff Writer . 2019-08-28 . Nestle India to be included in NSE Nifty 50 Index . live . https://web.archive.org/web/20190927073626/https://www.livemint.com/market/stock-market-news/nestle-india-to-be-included-in-nse-nifty-50-index-1566995646655.html . 2019-09-27 . 2019-09-27 . Mint.
38. News: 16 March 2020 . Yes Bank to be excluded from Nifty 50, Nifty bank from Thursday . live . https://web.archive.org/web/20211220140917/https://www.livemint.com/market/stock-market-news/yes-bank-to-be-excluded-from-nifty-50-nifty-bank-from-thursday-11584336228738.html . 20 December 2021 . 20 December 2021 . . en.
39. News: HDFC Life replaces Vedanta in Nifty; SBI Card enters 5 indices . live . https://web.archive.org/web/20211024231327/https://economictimes.indiatimes.com/markets/stocks/news/hdfc-life-replaces-vedanta-in-nifty-sbi-cards-enters-5-indices/articleshow/76752708.cms . 2021-10-24 . 2022-03-02 . The Economic Times.
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