State-run Bhel and telecom major Idea Cellular will move out of National Stock Exchange's Nifty 50 index from March 31.
Indiabulls Housing Finance and Indian Oil Corporation will be included in the index in their place. The changes, announced by Indian Index Services and Product, an arm of NSE, will be effective from March 31, 2017.
Apart from Nifty 50, the exchange has made changes to several indices including Nifty 500, Nifty 100, Nifty Midcap 50, Nifty Smallcap 250, Nifty Next 50.
Besides, changes have also been done in sectoral indices such as metal, private bank, media, bank and commodities. Three companies-ICICI Prudential Life Insurance Company, Petronet LNG and Rural Electrification Corporation-would be included in Nifty 100 index, while Apollo Hospitals Enterprises, Bharat Forge and Castrol India would move of the index.
Dilip Buildcon, Larsen & Toubro Infotech, L&T Technology Services, ICICI Prudential Life Insurance Company, Quess Corp, Mahanagar Gas, Parag Milk Foods, Thyrocare Technologies, Future Retail are among the 25 companies to be included in the Nifty 500 index.
In their place, JSW Holdings, Jaypee Infratech, Lanco Infratech, State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore and Mahindra Lifespace Developers would move out of the index.
The move is part of periodic review, the statement noted.