 "MSCI Global Standard index review: Here's how each stock reacted to rejig")
Shares of companies that were either added or deleted to/from the MSCI India and SmallCap indices as part of the MSCI Global Standrd Indices review for August 2023, hogged the limelight on Friday.
In the MSCI India index, the global research support house added HDFC Asset Management and removed ACC. Further, in the MSCI India Domestic SmallCap index, it added a total of 41 securities including Aether Industries, Avalon Technologies, Glenmark Life Sciences, Kalyan Jewellers, Star Health and Allied Insurance, and Sula Vineyard.
Two securities, BEML Land, and NIIT were removed from the index.
CLICK HERE tom see how each stock reacted to the review
CLICK HERE tom see how each stock reacted to the review
Among these, shares of Supreme Industries zoomed 16 per cent and hit a fresh 52-week high of Rs 4,480 apiece on the BSE in the intra-day trade, while those of REC surged 5.7 per cent to hit a new one-year high of Rs 229. READ MORE
According to analysts at Nuvama Alternative and Quantitative Research, the addition of these two stocks was a suprise as their review was expected in November.
Shares of Ashok Leyland, Cummins India, Power Finance Corporation, HDFC AMC, and Astral, on the other hand, gained in the range of 1.1 per cent to 2.5 per cent in the intra-day trade. By comparison, the benchmark S&P BSE Sensex was down 267 points, or 0.4 per cent, at 65,423 levels at 9:55 AM.
Nuvama Alternative and Quantitative Research expects PFC and HDFC AMC to see inflows of $203 million and $153 million, respectively.
On the contrary, ACC, which has been deleted from the index, could see an outflow of $92 million, it said.
MSCI said the changes will come into effect from the close of business hour on August 31, 2023.