RIL shares may see $155 million outflow on MSCI tweaks; Infosys, JSW Steel, ICICI Bank among other losers

Reliance Industries Ltd (RIL), Infosys Ltd, ICICI Bank Ltd, JSW Steel Ltd and HDFC are some of the stocks which may see outflows following decrease in MSCI weightages. In total, 18 stocks are expected to see outflows.

Oil-to-telecom giant RIL could see $155 million in outflows; Technology giant Infosys may see outflows to the tune of $134 million, as per Nuvama's estimates. The stock was down 0.38 per cent at Rs 2,469.

Private lender ICICI Bank ($94 million), steel maker JSW Steel ($80 million), mortgage lender HDFC ($71 million), Software exporter TCS ($61 million), aluminium and copper maker Hindalco Industries ($53 million) and technology firm Tech Mahindra ($50 million) would be among stocks which could see outflows in excess of $50 million. 

Shares of Hindalco declined 2.9 per cent. ICICI Bank shares fell 0.3 per cent, JSW Steel declined 0.7 per cent; TCS edged lower while HDFC stock was trading flat. Shares Tech Mahindra  added 0.65 per cent.

Other stocks that could see outflows include Divi's Labs, Dr Reddy's Labs, Hindustan Unilever, Shree Cement, Axis Bank and BPCL. Bajaj Finance, HPCL, Mphasis and Avenue Supermarts are also expected to see outflows on MSCI rejig.

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Meanwhile, Kotak Mahindra Bank's weight increase may result in $810 million in inflows. The stock was trading 0.27 per cent lower at Rs 1,952.80 on BSE.

Maruti Suzuki India could see $87 million in flows while oil refiner ONGC may see $74 million in flows. Maruti Suzuki shares were trading flat at Rs 9,261 while ONGC shares were trading 0.5 per cent lower at Rs 166.15.The MSCI passive trackers will implement changes on May 31.

Cement maker UltraTech Cement, the brokerage said, may attract $72 million inflows while aviation firm InterGlobe Aviation may receive 63 million in flows, the brokerage said. Shares of InterGlobe Aviation were up 0.35 per cent at Rs 2,259.30.

Zomato, NTPC, Power Grid, Siemens India, Mahindra and Mahindra may see $39-59 million inflows. SBI Card, Cipla, TVS Motor, YES Bank and Samvardhana Motherson may also see inflows, as per Nuvama.

Table 1 (from previous story)

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