At NSE, shares of the company gained 7.27 per cent to touch a one-year high of Rs 460.75.
Reacting to the exclusion, the scrip of Idea tumbled 5.74 per cent to Rs 101.65 while that of BHEL went lower by 2.47 per cent to Rs 149.55 on NSE.
Shares of drug maker Cadila Healthcare staged a swift rally (surging 18.4 per cent to hit high of Rs 424) and came in high demand in afternoon deals.
In yesterday's session, the stock fell as much as 10.42 per cent to hit intraday low of Rs 107.80.
Shares of Dr Reddy's Laboratories fell as much as 3.66 per cent to hit 52-week low of Rs 2,803 after a US court's ruling on patent infringement.
A day after staging a sharp rally, shares of Tamil Nadu-based television channels Raj TV and Sun TV came under profit-taking.
For the first nine months of the current financial year, Muthoot Finance's profit after tax stood at Rs 858 crore crossing its previous full-year profit after tax of Rs 810 crore.
Hero MotoCorp's earnings beat in the third quarter was led by nearly 130 basis points improvement in its operating margin (EBITDA) to 15.75 per cent compared to 14.47 per cent last year.
Titan's EBITDA or operating profit came in at Rs 374 crore compared with Rs 309 crore during the same period last year.
Dr Reddy's Labs said that its net profit for the December quarter was down by 19 per cent to Rs 470 crore.
Shares of Anil Ambani-promoted Reliance Communications surged as much as 18.51 per cent to hit intraday high of Rs 40 on the back of heavy volumes.
The legislation tightens employee protection by stipulating that employers may not reduce beneficiary wages.
The report says that the consolidation of Vodafone and Idea Cellular is unlikely to bring down competition in the telecom industry.
The Indian IT industry is closely watching the Trump administration's policy over outsourcing and H-1B visa programme.
Indiabulls Real Estate on Wednesday reported 14 per cent decline in consolidated net profit at Rs 58.58 crore for the quarter ended December on lower sales.
IIFL Holdings has reported rise of 41.3 per cent in consolidated net profit to Rs 179.07 crore for the third quarter ended December 31, 2016.
During the quarter, Ashok Leyland posted record volumes; its medium and heavy commercial vehicles sales stood at 25,285 units.