Shares of Shriram Finance, UPL Ltd and Jio Financial Services are under the market’s radar on Thursday following inclusion and exclusions in National Stock Exchange (NSE) indices in the latest rejig.

The Index Maintenance Sub-Committee (Equity) of NSE Indices has announced changes in its semi-annual review of broad market indices, including Nifty 50, Nifty Next 50, Nifty 100 and Nifty 500, as well as a few sectoral indices.

NSE Indices stated that Shriram Finance has been added to the benchmark Nifty 50 index as it has the highest 6-month average free-float market capitalisation within the eligible universe. It will replace UPL Ltd in the index.

Shriram Finance shares hit an intraday high of Rs 2,455.10, 4.5% higher than its previous closing price on the NSE. At 12:25 pm, shares of Jio Financial Services were trading 1.87% higher at Rs 314.05. UPL Ltd shares fell as much as 1.8% during the trading session. 

Under the Nifty Next 50 index, Adani Power, Indian Railway Finance Corporation (IRFC), Jio Financial Services, Power Finance Corporation and REC Ltd will be added. On the other hand, Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene and Health Care, and Shriram Finance will be removed from the Nifty Next 50 index.

Brokerages expect Shriram Finance to witness a net inflow of upwards of $200 million and inflows of around $89 million with the inclusion of Jio Financial Services under the Nifty Next 50 index.