Several shares moved sharply on the back of the semi-annual index rebalancing by index provider Morgan Stanley Capital International. The changes are effective from Friday.
An addition into the index leads to inflows from passively managed funds while a deletion or reduction in weightage leads to some exodus from shares.
Drug maker Divis Lab and United Breweries are the key additions to the MSCI India index while GMR Infra and United Phosphorous are the key deletions.
Divis Lab shares were up 2.5 per cent on the NSE while United Breweries jumped 5 per cent to Rs 796.75. GMR Infra shares were up 0.85 per cent to Rs 17.85 on the NSE while United Phosphorus shares traded 0.6 per cent higher at Rs 115.
Some of the other stocks with big weight changes are Cairn India (free float change), HDFC (free float change), HCL Tech (weight increase), Kotak Mahindra Bank (weight increase), Ultra Tech Cement (weight decrease) and Tata Motors (weight decrease).
HDFC shares were up nearly 3 per cent while Cairn India gained 1.8 per cent. HCL Tech shares were up 2.2 per cent while Kotak gained 0.9 per cent at 10.15 a.m. on the NSE. Tata Motors shares were down 1.6 per cent while Ultra Tech Cement traded 1.2 per cent lower on the NSE.