Yes Bank, Idea Cellular Gain on Nifty Inclusion

Shares of Idea cellular and Yes Bank surged as much as 2.5 per cent and 2 per cent respectively on Monday after the National Stock Exchange included these stocks in its benchmark index Nifty.

India Index Services & Products Limited (IISL), a group company of NSE, which maintains Nifty and other indices informed in a release on Friday that Yes Bank and Idea Cellular will replace DLF and JSPL with effect from March 27, 2015.

Yes Bank will have a weightage of 0.88 per cent, while Idea Cellular will have a weightage of 0.55 per cent in Nifty.

With this inclusion these two stocks are likely to witness buying from passive funds which track Nifty. This will also lead to higher liquidity in these stocks.

Analysts say 32 lakh shares of Yes Bank are expected to be bought, while 17.5 lakh shares of Idea Cellular are likely to be bought by March 27.

Yes Bank ended 2.11 per cent lower at Rs 807.65, while Idea Cellular closed up 0.6 per cent at Rs 151.9. Shares in DLF closed down 3.27 per cent and JSPL shed 3.37 per cent.