RVNL, HDFC Bank, Vodafone Idea, AEL, YES Bank shares in focus on MSCI adjustments

Shares of Dixon Technologies India Ltd, Vodafone Idea Ltd, Oil India Ltd, Rail Vikas Nigam Ltd (RVNL), Prestige Estates and Oracle Financial Services Software Ltd will be in focus on Friday morning as the MSCI's August rejig adjustments take place today. These stocks have been added to MSCI Global Standard index in the August review and are seen attracting inflows anywhere between $172 million and $313 million. Bandhan Bank may see $117 million outflows on MSCI index exclusion.

HDFC Bank Ltd, Bharti Airtel Ltd, Coal India Ltd, HPCL and Persistent Systems Ltd are some of the stocks that may attract up to $1,769 million in passive inflows. Maruti Suzuki India Ltd, Reliance Industries Ltd, LTIMindtree Ltd, Infosys Ltd, ICICI Bank Ltd, Tata Consultancy Services Ltd (TCS), YES Bank Ltd and ICICI Bank Ltd would see passive outflows.

In total, the net passive FII inflow is expected to be upwards of $4-4.5 billion, said Abhilash Pagaria of Nuvama Institutional Equities.

As per data, Dixon Technologies India Ltd is seen attracting $313 million inflows, followed by Vodafone Idea ($285 million), Oil India ($258 million), Zydus Lifesciences ($222 million) and RVNL ($212 million).

HDFC Bank can in fact attract $1,769 million in passive inflows. The global index aggregator had in its August index review said it would increase HDFC Bank's Global Standard index weightage in two tranches. MSCI said it would increase HDFC Bank's Foreign Inclusion Factor (FIF) to 0.56 from 0.37 as of the close of August 30. The remaining increase would be implemented as part of the November index review in the event the foreign room continues to be at least 20 per cent at that time, it said.

Bharti Airtel ($246 million) and Coal India ($98 million) would be some other beneficiaries of MSCI rejig. Due to adjustments, RIL may see $220 million outflows, followed by Infosys ($153 million) and ICICI Bank ($151 million). Due to fall in weight, Maurti Suzuki shares could see $1912 million outflows, followed by LTIMindtree ($81 million), Ambuja Cements ($67 million), Adani Enterprises ($64 million) and YES Bank ($37 million).