Axis Bank, IDFC gain; MSCI exclusion based sales seen overdone

Reuters Market Eye - Shares in Axis Bank Ltd and IDFC Ltd gain as last week's selling, sparked by their exclusion from MSCI indices, is seen as overdone, traders say.

Axis Bank Ltd dropped 15 percent last week, its biggest weekly fall since July 2009, ahead of its exclusion from MSCI standard and large cap indexes that was due to be effective starting on Monday.

IDFC fell 22.4 percent in the previous week as MSCI on Monday said the company would be deleted from its global standard indexes effective September 2, its website shows.

Axis was up 2.49 percent while IDFC gained 2.17 percent at 1339 IST.

 

(Reporting by Abhishek Vishnoi)