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Stocks such as Bharti Airtel, Idea Cellular and Power Finance Corp, which have been included in the Morgan Stanley Capital International indices, rose on the bourses even as the broad market is remaining weak.
Idea Cellular jumped 4.12 per cent, Bharti Airtel 0.76 per cent and PFC moved up by 2.24 per cent. The BSE Sensex was down 172 points or 1.02 per cent.
While Bharti Airtel will be added in the Morgan Stanley Capital International (MSCI) Emerging Markets Index, Idea Cellular and Power Finance Corporation of India will enter the MSCI India Index.
Meanwhile, stocks that would be excluded from the MSCI India Index witnessed selling pressure. Steel Authority of India was down 5.61 per cent to Rs 93.45, Indiabulls Real Estate down 2.86 per cent to Rs 66.25 and Housing Development & Infrastructure (HDIL) fell 4.6 per cent to Rs 73.90.
These stocks will exit the MSCI India Index. All these stocks have registered their 52-week low in today's trade.
The changes will be made as of the close of November 30. Many global mutual funds are linked with MSCI indices. Hence, any new stock addition in MSCI index will require the fund tracking that index to include it in its portfolio.
MSCI Barra is a leading provider of benchmark indices and risk management analytics products.
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