MSCI rejig today: IDFC First Bank, HDFC AMC, Supreme Ind to see passive inflows
- Hot Stocks
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Nuvama Alternative & Quantitative Research estimates inflows between $152 million – $214 million for each of these stocks
Index provider MSCI had formally disclosed the changes for the August 23 review, about three weeks back
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Shares of IDFC First Bank, HDFC AMC, Ashok Leyland and Supreme Industries are among the eight stocks that will see inflows up to $214 million each from passive funds, as they make their way into MSCI Global Standard Index on August 31.
The other four inclusions are REC, Power Finance Corp, Cummins India and Astral. Nuvama Alternative & Quantitative Research estimates inflows between $152 million – $214 million for each of these stocks.
At 11:45 am, these stocks were trading mixed on the bourses. HDFC AMC was down 1.47 percent, while Supreme Industries and REC were trading marginally in the green. Cummins India was up 0.2 percent while Ashok Leyland was lower by 0.45 percent.
Meanwhile ACC, the only MSCI exclusion, could see $96 million in outflows, it estimated.
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Index provider MSCI had formally disclosed the changes for the August 23 review, about three weeks back. “The adjustments are to take place in the closing hours of today’s trading session,” said Abhilash Pagaria of Nuvama Alternative & Quantitative Research.
Weight changes
Meanwhile, PI Industries is set to see $15 million worth of inflow due to increase in weightage.
ICICI Bank, HDFC Bank, Tata Consultancy Services, Axis Bank are some large cap stocks that will see outflows between $39 million – $86 million on back of readjustment of weightage.
Bharti Airtel, Hindustan Unilever, Bajaj Finance and L&T will also see outflow of $35 million due to the same reason, Nuvama added.
Turning to potential candidates for the MSCI Standard Index for November 2023 review, Nuvama said that the inclusion of IndusInd Bank will depend on foreign institutional investor (FII) holdings.
“If foreign room increases by 1.5 percent in the current quarter, then the stock can make the cut,” the firm said.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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