FTSE rejig: HDFC Bank scores block deals worth ₹4,500 crore on passive inflows; check stock movement | Mint
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Business News/ Markets / Stock Markets/  FTSE rejig: HDFC Bank scores block deals worth 4,500 crore on passive inflows; check stock movement
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FTSE rejig: HDFC Bank scores block deals worth ₹4,500 crore on passive inflows; check stock movement

FTSE will increase HDFC Bank's weightage in three tranches. The stock is likely to see inflows of $650 million.

Shares of HDFC Bank settled 0.97 per cent higher at ₹1,658.90 apiece on the NSE (REUTERS)Premium
Shares of HDFC Bank settled 0.97 per cent higher at 1,658.90 apiece on the NSE (REUTERS)

Shares of HDFC Bank gained over 1 per cent on Friday, September 15, and traded at an intra day high of 1,670 on the NSE during late afternoon deals, after the leading private lender witnessed block deals worth 4,500 crore, according to a report by CNBC-TV18. The deals came over passive inflows following a rejig of the FTSE indices.

According to IIFL Alternative Research, HDFC Bank is expected to see $650 million in passive inflows in the FTSE's semi-annual index review, which was scheduled for September 15. The changes will be effective from September 18.

FTSE will increase HDFC Bank's weightage in three tranches. The stock is likely to see inflows of $650 million, which includes inflows due to FTSE, Sensex and Wisdom Tree ETF inflows. 

Earlier this month, Nuvama Alternative & Quantitative Research said, "HDFC Bank is set to experience a substantial $600 million inflows. The HDFC Bank rejig is well flagged off for couple of days now but still we expect 3-4 per cent run up.'' FTSE adding HDFC Bank shares in the index would attract around $500 million inflows, according to Nuvama.

Nuvama went on to add that inflows are likely in some other Nifty majors like Axis Bank, Bharti Airtel, SBI and Tata Motors. It said that Axis Bank is expected to attract around $10 million inflows whereas Bharti Airtel, SBI and Tata Motors are also expected to attract $9 million, $8 million and $3 million inflows respectively.

Looking at the weight of Nifty stocks that are expected to experience inflows after the Sensex, FTSE rejig, it seems that stocks like HDFC Bank, Axis Bank, Bharti Airtel, SBI and Tata Motors constitute around 25 per cent of the net weight of the Nifty stocks.

On Friday, shares of HDFC Bank opened at 1,650 on NSE, touching an intra day high of 1,670 before settling 0.97 per cent higher at 1,658.90 apiece on the NSE.

 

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Published: 15 Sep 2023, 06:47 PM IST
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