Avenue Supermarts, which operates the chain of D-Mart stores, and InterGlobe Aviation, the company that operates IndiGo are trading higher by up to 5% after these stocks along with 32 other scrips were included in the MSCI India Domestic and MSCI India Domestic Small Cap Index with effect from June 1, 2018. Total 18 stocks were deleted from these indices.
Avenue Supermarts, Biocon, HDFC Standard Life Insurance and InterGlobe Aviation were included in the MSCI India Domestic Index, which will take place as of the close of May 31, 2018, MSCI said in a press release. IDFC Bank, Power Finance Corporation and Vakrangee were deleted from the index.
D-Mart has surged 6% to Rs 1,517, while IndiGo rallied 5% to Rs 1,249 on the BSE in intra-day trade.
Inclusion in the MSCI indices is usually an indication that the stocks will catch foreign fund managers' attention. Foreign active funds and exchange-traded funds, which track the MSCI indices, are likely to buy or sell shares of the companies included or excluded from these indices.
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