Apollo Hospitals share price rises on entry in Nifty 50 index from March

Apollo Hospitals share price rises on entry in Nifty 50 index from March

Apollo Hospitals Enterprise's share price rose after the National Stock Exchange (NSE) had announced that the stock would be included in the benchmark Nifty 50 index effective from March 31.

Apollo Hospitals has been included in the Nifty 50 index replacing Indian Oil Corporation. This change will be effective from March 31 (close of March 30, 2022), the Exchange has announced.

Apollo Hospital's will become the first ever healthcare services company to become part of the benchmark index and will replace Indian Oil Corporation.

Brokerage firm Edelweiss Securities expects the inclusion of Apollo Hospitals into Nifty 50 to result in inflows of $143 million from exchange-traded funds that mirror the index.

Also Read : Apollo Hospitals shares edge higher as Jefferies retains ‘buy’, expects 29% upside

Dealers said that the stock could see buying from traders ahead of the inclusion in the index in the hope of selling the shares to exchange-traded funds after the inclusion.

The inclusion for Apollo Hospital's comes in the backdrop of a period of weakness for the stock given that it has fallen 23 percent in the past three months and around 26 percent from its 52-week high.

This replacement will also be applicable to NIFTY50 Equal Weight Index.

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