Shares of IndusInd Bank Ltd. gained as much as 2% before giving up all the gains on Wednesday's session. The private sector lender was included the MSCI Global Standard Index on Wednesday morning.
IndusInd Bank is among nine stocks to enter the MSCI Global Standard Index, the adjustments for which will take place on November 30. IIFL Alternative also expects inflows worth $306 million into the stock. Nuvama Alternative & Quantitative research is expecting inflows worth $355 million in the stock.
IndusInd Bank was one of the stocks that was on the verge of an MSCI inclusion throughout the year.
In fact, CNBC-TV18's dealing room check had also highlighted the same on November 9, stating that the stock was in focus due to buying interest from FPIs (Foreign Portfolio Investors) and a potential MSCI inclusion.
Shares of the private lender had dropped in April this year after it was not included in the MSCI indices as its FPI headroom fell marginally short of the minimum requirement of 15%.
IndusInd Bank is a leading private lender in India and provides several products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and small to medium enterprise loans.
IndusInd Bank's shares are now trading 0.2% lower at 1,506.55. The stock is trading 22% higher so far in 2023.
(Edited by : Hormaz Fatakia)
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