Stocks

MSCI Index debutants tank on profit booking

Our Bureau Mumbai | Updated on November 22, 2019 Published on November 22, 2019

Some of the stocks which were rallying on news of their inclusion in MSCI India Index, ended in red on Friday as investors booked profit.

The rejig of MSCI India Index, the most tracked by foreign institutional investors, was rejigged with the inclusion of Berger Paints, real estate major DLF, HDFC Asset Management Company, ICICI Pru Life, Indraprastha Gas, Info Edge, SBI Life Insurance and Siemens.

Interestingly, the index has left out most some of the debt-laden companies such as Bharat Heavy Engineering, Glenmark, Indiabulls Housing Finance, L&T Finance, Vodafone Idea and Yes Bank.

Interestingly, ICICI Bank and HDFC AMC which were rallying before their debut into MSCI India Index fell by 0.30 per cent and 1.75 per cent to Rs 497 and Rs 3,704 respectively.

Similarly, ICICI Pru Life Insurance, Siemens and Berger Paints India were down 0.33 per cent, 3.11 per cent and 0.89 per cent to Rs 498, Rs 1,491 and Rs 477 respectively.

Deepak Jasani, Head Retail Research, HDFC securities said global jitters have put MSCI's index of global shares on course to snap a six-week streak of gains, with lacklustre economic data and rising political risks in the United States and Britain casting a pall on sentiment.

Though global stocks inched up on Friday, lifted by China's renewed offer to work out a trade pact with Washington, he said the gains were limited by uncertainty over how the 16-month-old trade war play out and how much it may undermine the world economy, he added.

Published on November 22, 2019
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