Addition to MSCI Index aids the rally; HDFC Asset Management removed
The stocks of Tata Elxsi, AU Small Finance Bank and Adani Power rallied on Friday after being added to the MSCI India Index.
The global Index provider on Thursday announced the list of additions and deletions for its May semi-annual index review.
Adani Power, AU Small Finance Bank, Jindal Steel & Power and Tata Elxsi were added to the MSCI India Index, while deletions included HDFC Asset Management
Tata Elxsi climbed nearly 15 per cent at the market closing, while Adani Power was locked in the 5 per cent upper circuit. AU Small Finance Bank rallied over 5 per cent. However, Jindal Steel & Power was down nearly 2 per cent at closing.
Tata Elxsi opened at ₹7,171 on the BSE as against the previous close of ₹6886.60. It recorded an intraday high of ₹7999 and a low of ₹7001.
Adani Power opened at ₹242.05 as against the previous close of ₹242.55 on the BSE. It recorded an intraday high of ₹254.65 and a low of ₹242.
AU Small Finance Bank opened at ₹1304 as against the previous close of ₹1239.35 and rallied to an intraday high of ₹1325.70. It recorded an intraday low of ₹1283.60.
Jindal Steel and Power opened at ₹467 as against the previous close of ₹459.95 and climbed to a high of ₹481.50 during the day. It recorded an intraday low of ₹450.90.
Meanwhile, HDFC Asset Management was down nearly 4 per cent. It recorded an intraday high of ₹1861.65 and a low of ₹1755 on the BSE.
Additionally, in terms of MSCI Smallcap Index additions/deletions, 44 securities were added to the MSCI India Index, while there were 14 deletions.
Apart from Adani Power, AU Small Finance Bank, Tata Elxsi and Jindal Steel & Power, the remaining ten deletions from the smallcap indices include Bajaj Consumer Care, Future Retail, GMR Power & Urban Infra, IOL Chemicals & Pharma, L&T Technology Sevices, NLC India, Solara Active Pharma, Spandana Spoorthy Finance, Sundram Fin and Varun Beverages.