Leading alloy maker JSW Steel hit a fresh 52-week high level in early trade today a day after the announcement the stock will replace drug major Lupin from the National Stock Exchange's benchmark index Nifty 50 from September 28. The steel stock rose nearly 3.50% to hit a fresh high of 378.70 on the BSE.The stock has been gaining for the last four days and has risen 10.46% during the same period.
The stock has gained 51.77% during the last one year and 39% since the beginning of this year.
Meanwhile, the Lupin stock was trading 0.42% lower at 897 level on BSE.
"The Index Maintenance Sub-Committee (IMSC) has decided to make the following replacement of stocks in various indices as part of its periodic review. This will be effective from September 28, 2018," NSE said in a statement.
It also said the changes will be applicable to Nifty 50 Equal Weight index.
Besides, it has decided replacement of stock on various other indices including Nifty Next 50, Nifty 500, Nifty 100, Nifty 200, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50, Nifty Midcap 100 as well as sectoral indices like PSU Banks, media, realty and commodities among others.
The changes were announced by NSE Indices, an arm of the NSE, as part of its periodic review.