Tata Group stock surges nearly 5% post inclusion in MSCI index, HDFC AMC falls over 3% after deletion from the index
Shares of Tata Group stock, Tata Elxsi, declined nearly five per cent, while HDFC dropped more than three per cent reacting to addition and exclusion from the MSCI India Standard Index.
Shares of Tata Group stock, Tata Elxsi, declined nearly five per cent, while HDFC dropped more than three per cent reacting to addition and exclusion from the MSCI India Standard Index. The changes of which came into effect on Wednesday. On the BSE, shares of Tata Elxsi gained 4.7% to trade on day's high of Rs 8815.50 apiece, while HDFC dropped three and half per cent to touch day's low of Rs 1835.15 per share.
Apparently, MSCI made as many as five changes in the India Index. The MSCI India Standard Index has included four stocks, namely Adani Power, AU Small Finance Bank, Jindal Steel and Power, and Tata Elxsi, while it excluded HDFC AMC from the index.
The new additions and deletion were announced earlier, however, the changes have come into effect from June 1.
Reacting to rejigging of MSCI India index, Zee Business research analyst Varun Dubey said these changes can lead to inflows and outflows. "Inflows around $10-20 crore are expected in the four newly added stocks, while HDFC AMC can see an outflow of around $8.5 crore," he said.
Besides MSCI India Standard Index, as many as 44 stocks have been included in MSCI small cap index and 14 have been excluded from the small cap index index.
At 3.10 pm, shares of Tata Elxsi were trading with 2.5% gain or higher by Rs 211 to Rs 8626 per share. Similarly, HDFC AMC declined 2.6% or lower by Rs 51 to Rs 1855 per share.
Among other additions, Adani power dropped 5% to Rs 307.60 per share, AU Small Finance Bank rose more than 3% to Rs 1289.65 per share and JSPL trade flat at 376 per share around the same time.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Rules: You can get 8% extra EPS pension by using this trick; see calculations with examples
Tata Steel, L&T Finance and 5 more: Brokerage recommends buying these 7 stocks for up to 3 months for huge profit| Check targets, stop losses
Rule of 843 In how many years Rs 2 crore will become Rs 8 crore you can know through this formula Investment Rule compound interest mutual fund returns
Apollo Hospitals, Canara Bank & More: Axis Direct recommends buying 5 stocks for 5-15 days | Check targets, stop losses
Power of Compounding: How much money do you need to invest in monthly SIP to make Rs 15 crore retirement corpus if started investing at 30? See calculations
03:27 PM IST