Active Stocks
Thu May 23 2024 09:20:13
  1. NTPC share price
  2. 372.35 -0.41%
  1. Power Grid Corporation Of India share price
  2. 312.40 -4.11%
  1. Tata Steel share price
  2. 171.05 -1.30%
  1. Sun Pharmaceutical Industries share price
  2. 1,480.85 -3.86%
  1. State Bank Of India share price
  2. 823.80 0.55%
Business News/ Markets / Stock Markets/  Indian stock market to see $1.70 billion inflows on FTSE rejig; HDFC Bank top beneficiary
BackBack

Indian stock market to see $1.70 billion inflows on FTSE rejig; HDFC Bank top beneficiary

The biggest beneficiary will be HDFC Bank stock as the inflows would be $511 million, followed by ICICI Bank with inflows worth $381 million, Kotak Mahindra Bank and Sundaram Finance with $149 million and $113 million, respectively.

A total of 66 stocks will see an inflow of funds due to the FTSE index rejig, while 14 stocks are expected to see outflows.Premium
A total of 66 stocks will see an inflow of funds due to the FTSE index rejig, while 14 stocks are expected to see outflows.

The FTSE Index rejig for March comes into effect on Friday and the Indian stock market is expected to witness passive inflows worth more than $1.7 billion. The major inflows are likely to be in the BFSI stocks such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Sundaram Finance, a report by Nuvama Institutional Equities said.

The Financial Times Stock Exchange, or FTSE, in its semi-annual index review, added 16 Indian companies to its main index - the FTSE All-World Index.

A total of 66 stocks will see an inflow of funds due to the FTSE index rejig, while 14 stocks are expected to see outflows.

The biggest beneficiary will be HDFC Bank stock as the inflows would be $511 million, followed by ICICI Bank with inflows worth $381 million, Kotak Mahindra Bank and Sundaram Finance with $149 million and $113 million, respectively. 

Also Read: Why is Indian stock market falling today — explained with 5 reasons

Moreover, inflows in Zomato are at $62 million, SJVN at $37 million and Grasim Industries at $30 million.

On the other hand, Reliance Industries may see the highest amount of outflow worth $42 million. The oil-to-telecom conglomerate is followed by Tata Consultancy Services ($38 million), Infosys ($25 million), Tata Motors DVR ($23 million), Titagarh Rail ($13 million), Bharti Airtel ($11 million), Axis Bank ($10 million) and Larsen & Toubro ($10 million) among others, as per Nuvama report.

Meanwhile, the BSE had also announced the reconstitution of its S&P BSE Indices and the changes will be effective on March 18.

Also Read: Despite volatility, 19 BSE Smallcap stocks surge 20% to 75% in just one month; Waaree leads gains – check full list

“The Sensex rejig is a non-event, with some flow coming into Maruti Suzuki and negligible outflows in Larsen & Toubro," Nuvama Equities said.

In the Sensex rejig, the highest inflows will be for Maruti Suzuki at $15 million. Tata Steel will have inflows worth $3.8 million, ICICI Bank at $2.2 million, HDFC Bank at $1.9 million and Bharti Airtel at $1 million. 

Outflows will be seen in seven stocks with the highest in L&T at $23 million. Less than $1 million of outflows will be Reliance Industries, Infosys, TCS, State Bank of India, Hindustan Unilever and Mahindra & Mahindra.

At 1:00 pm HDFC Bank shares were trading 0.52% lower at 1,448.30 apiece on the BSE. The frontline indices,  Sensex was down 470.40 points, or 0.64%, at 72,626.88, while the Nifty was trading 162.65 points, or 0.73%, lower at 21,984.00.

Catch Stock Market Live Updates here

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Mar 2024, 01:13 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started