Nestle India share hits record high as stock to enter Nifty50 on September 27

Multinational fast-moving consumer goods company Nestle India's share touched all-time high of Rs 12,887 in trade today amid reports the stock would replace Indiabulls Housing Finance on the Nifty50 index on September 27.

In Thursday's trading, the stock rose 2.97% to an intraday high of Rs 12,887 on BSE, its 52-week and fresh new all-time high and now commands a market cap of Rs 1.22 lakh crore.

Overall 7,537 shares and 2.43 lakh shares traded on BSE and NSE, both above 5, 10 and 30-day average traded volume. The stock trades higher than its  5, 20, 30, 50, 150 and 200-day moving average. The share price of Nestle has gained 2.72% in the last three trading sessions. The stock price of Nestle has risen over 1% in a week, 19% in 6 months and over 12% in a year.

These changes will become effective from September 27, 2019, NSE said in its circulars on August 28. The replacement is also applicable to Nifty50 Equal Weight Index. The index is reconstituted twice every year considering 6 months data ending January and July respectively.

On the other hand, Indiabulls Housing Finance, that lost 64% in the last year will make an exit from the Nifty50 index on September 27.  

Shares of Indiabulls Housing Finance opened at a loss of 5.07% and fell 7.8% intra day to low of Rs 421.10.

While Indiabulls Housing Finance shares closed 0.49% lower at Rs 455, shares of Nestle India ended day's trade at 12,720, registering a gain of 1.62%.

Edited by Rupa Burman Roy

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