Select stocks turn volatile after MSCI reshuffle

Shares of select companies were volatile at 11:15 IST on BSE, following the semi-annual reshuffle of indices by MSCI, a global provider of research-based indices and analytics.

MSCI announced the results of the May 2016 Semi-Annual Index Review for the MSCI Equity Indexes after market hours yesterday, 12 May 2016.

Meanwhile, the S&P BSE Sensex was down 251.28 points, or 0.97% at 25,538.94

Shares of Bajaj Finserv were down 1.44% at Rs 1,874. The stock hit a high of Rs 1,909.60 and a low of Rs 1,873 so far during the day.

Shares of LIC Housing Finance were down 0.14% at Rs 467.60. The stock hit a high of Rs 471.10 and low of Rs 464.30 so far during the day.

Shares of Marico were up 0.18% at Rs 254.30. The stock hit a high of Rs 257.80 and a low of Rs 251.70 so far during the day.

Shares of Pidilite Industries were down 1.14% at Rs 597.75. The stock hit a high of Rs 606.10 and a low of Rs 596.05 so far during the day.

Shares of Punjab National Bank were down 1.19% at Rs 78.55. The stock hit a high of Rs 79.50 and a low of Rs 78.45 so far during the day.

Shares of Bajaj Finserv, LIC Housing Finance, Marico and Pidilite Industries would be added in the MSCI India Domestic Index, which will take place as of the close of 31 May 2016. Shares of Punjab National Bank would be deleted MSCI India Domestic Index.

MSCI is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds are linked with MSCI indices. Hence, any new stock addition in MSCI index will require the fund tracking that index to include it in its portfolio.

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