An analyst from Anand Rathi said that JSW Steel found significant support near the Rs 930-935 zone, signalling a strong demand area that has managed to halt the stock's decline.

Food delivery major Zomato is the first new-age tech stock to replace JSW Steel in the BSE Sensex as part of the index reconstitution, which will come into effect from December 23. The food delivery platform's entry in the 30-stock index comes amid a stellar rally seen in the counter during the last 12 months,

Nifty and Sensex soared in afternoon trade, fueled by a decisive BJP-led Mahayuti Alliance victory and robust short covering, driving broad-based gains across all sectors despite paring some intraday highs.

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Zomato shares climbed nearly 4% on Monday after being included in the BSE Sensex, while JSW Steel shares dropped over 2%.

Over the past 12 months, Zomato's stock has delivered an impressive 130% return, significantly outperforming the Sensex's 20% return during the same period. In comparison, JSW Steel, the outgoing constituent of the Sensex,

The foodtech major is also expected to be included in the Nifty 50 benchmark index, potentially leading to fund inflows of $607 million.

Zomato's shares surged 7% as it is set to replace JSW Steel in the BSE Sensex, effective December 23. This inclusion follows a year of impressive growth for Zomato, with its stock delivering 130% returns.

Thus far in the calendar year 2024, Zomato stock price has zoomed 125 per cent, as compared to the 11 per cent rise in the BSE Sensex