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MSCI: Glenmark, Indiabulls Housing In, JSPL Out Effective Today

MSCI: Glenmark, Indiabulls Housing In, JSPL Out Effective Today

Jindal Steel and Power will make way for the addition of drugmaker Glenmark and realty developer Indiabulls Housing to MSCI's India index effective Monday. The rebalancing will lead to buying of $94 million in Glenmark and $106 million in Indiabulls Housing.

The changes to the MSCI India index were announced after a quarterly review earlier this month. Stocks that will become a part of the MSCI India index, or those whose weightage has gone up, have been witnessing buying interest in anticipation of buying by passive funds which track the index. Stocks which will be excluded from the index have sold off.

Earlier, MSCI had also announced changes in the weightages of stocks in its India index; Sun Pharma and Adani Port had been assigned higher weightage, while the weightage of Container Corporation was reduced in MSCI's India index. These changes will be effective today.

JSPL shares were down over 3 per cent at Rs 65.40; Glenmark traded 1.5 per cent higher at Rs 1,193; Indiabulls Housing shares were down 0.5 per cent at Rs 773.70; Sun Pharma traded 1.4 per cent higher at Rs 380.95; Adani Port traded 1.4 per cent higher at 367.70, while Container Corp was up 0.5 per cent at Rs 1,439.45.