As many as four companies —Avenue Supermarts, Biocon, HDFC Standard Life Insurance Company and InterGlobe Aviation-- will be added to the MSCI India Index from June 1.
The news triggered buying in most of these companies, with shares of Avenue Supermarts, which runs the Dmart super market chain, surging 6.5 per cent to Rs 1,516.80 on the BSE.
Indigo Airlines operator InterGlobe soared 5 per cent to Rs 1,248.55 and Kiran Majumdar-Shaw-led Biocon went up 2.49 per cent to Rs 650. Insurer HDFC Standard Life, however, lost as much as 8.14 per cent to Rs 496.30.
The changes in the constituents for MSCI India domestic index will take place at the close of May 31, MSCI India announced late on Monday.
IDFC Bank, Power Finance Corporation and Vakrangee will move out of the index, it said. Vakrangee was included in the index only six months back, from December 2017.
MSCI, a leading provider of benchmark indices globally, also announced changes in the constituents for the MSCI India Domestic Small Cap Index from June 1. A total of 30 companies were added, while 15 will be deleted from the index.
IDFC Bank, Indian Bank, Power Finance Corporation, Vakrangee, Varun Beverages, among others were added in the MSCI India Small Cap Index. The 15 companies that will move out from the index include AstraZeneca Pharma India, Balrampur Chini Mills and Biocon.