RVNL, Vodafone Idea, Dixon Tech Shares Rise As MSCI Rejig Comes Into Effect
The global index review will see the inclusion of as many as seven Indian stocks.
Shares of Rail Vikas Nigam Ltd., Zydus Lifesciences Ltd., Vodafone Idea Ltd., Oil India Ltd., Oracle Financial Services Software Ltd., Dixon Technologies Ltd. and Prestige Estates Ltd. are in focus on Friday, as MSCI is set to rebalance its indices. The global index review, scheduled to take place as of market close on Friday, will see the inclusion of as many as seven Indian stocks.
In the review, announced on Aug. 13, seven Indian stocks were included in the MSCI Global Standard index, while Bandhan Bank was excluded.
With the August review of MSCI indexes, the index market cap of India is set to increase by $57.26 billion.
MSCI added Rail Vikas Nigam and Zydus Lifesciences to the large cap category of its Emerging Market Index. On the other hand, Vodafone Idea, Oil India, Oracle Financial Services, Dixon Technologies and Prestige Estates were the new additions to the mid-cap category of the index.
Prestige Estates shares gained nearly 6.7% touching an intraday high of Rs 1,842 apiece on NSE, while Oil India stock was up 4.17% to touch an intraday high of Rs 764.55 apiece.
RVNL shares gained up to 3.45% to hit an intraday high of Rs 599.85 apiece, and Oracle stock soared as much as 3.18% to Rs 11,152.20 per share.
Zydus Lifesciences shares jumped as much as 2.06% to hit an intraday high of Rs 1,155.45 apiece on the NSE, while Dixon Technologies (India) shares were up 1.7% in early trade to hit an intraday high of Rs 13,427.75 apiece on NSE.
Meanwhile, HDFC Bank Ltd. shares were also in focus on Friday after the weightage for the private sector lender on the MSCI standard indices was increased to 5.32%. Shares of HDFC Bank gained 1.3% to hit an intraday high of Rs 1,660.75 apiece.
