Shares of Bajaj Auto, Dr Reddy's Laboratories and Sesa Goa today surged by up

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to 4.38 per cent in early trade a day after the National Stock Exchange said it will incorporate these scrips in its 50-share index Nifty with effect from October 1.

The country's second largest two-wheeler maker Bajaj Auto zoomed by 4.38 per cent to hit an year's high of Rs 2,796 on the Bombay Stock Exchange.

In a similar fashion, pharma major Dr Reddy's climbed 1.93 per cent to Rs 1,364.90, while Vedanta Group iron-ore company Sesa Goa rose by 3.63 per cent to Rs 333.80 in morning trade.

These stocks will replace ABB Ltd, Idea Cellular and Unitech Ltd in the Nifty index.

On the other hand, the shares of ABB Ltd, Idea Cellular and Unitech Ltd declined sharply by up to nearly 4 per cent on BSE.

Telecom company Idea Cellular plunged by 3.72 per cent to an early low of Rs 67.20, while realty major Unitech fell by 2.64 per cent to Rs 82.80. Shares of power and automation technologies company ABB Ltd traded down 0.63 per cent at Rs 768.60.

S&P CNX Nifty is a diversified 50 stock index accounting for 22 sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds.

Till now Bajaj Auto, Dr Reddy's Lab and Sesa Goa were part of NSE's CNX Nifty Junior Index, the next rung most liquid stocks after Nifty.