Select stocks firm up after FTSE hikes investability weightage

Five stocks rose by 1.11% to 5.07% at 14:39 IST on BSE on reports FTSE increased investability weightage of these stocks in its Global Equity Index.

Container Corporation of India (up 5.07%), Mahindra & Mahindra Financial Services (up 3.67%), Bharti Infratel (up 3.28%), Mindtree (up 1.51%) and Axis Bank (up 1.11%), edged higher.

The S&P BSE Sensex was up 201.37 points, or 0.95% at 21,478.23.

According to reports, FTSE raised Mindtree's investability weightage to 81% from 68% earlier while Bharti Infratel's weightage increased to 11% from 9%. The weightage of Container Corporation, M&M Financial and Axis Bank increased from 24%, 43% and 49% to 30%, 48% and 62%, respectively.

The changes will be effective after the close of business on Friday, 21 March 2014 (i.e. 24 March 2014), reports added.

An increase in investability weightage of a stock in global benchmark indices such as FTSE, prompts buying from passive trackers of the FTSE indices.

FTSE, which is a part of the London Stock Exchange Group, is a world-leader in providing global index and analytical solutions. FTSE indices are used extensively by a range of investors such as consultants, asset owners, fund managers, investment banks, stock exchanges and brokers.

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