FTSE rejig: $1.70 billion inflows likely on Friday; HDFC Bank to be top beneficiary

economictimes.indiatimes.com:

HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Sundaram Finance, a Nuvama report said.

According to Nuvama, the March rejig will result in inflows in 66 stocks while triggering outflows in 14 stocks.

Inflows in HDFC Bank, ICICI Bank, Kotak Bank and Sundaram Finance will be $511 million, $381 million, $149 million and $113 million, respectively. The other major beneficiaries will be Zomato ($62 million), SJVN ($37 million) and Grasim Industries ($30 million).

Out of these, 17 stocks, including Bajaj Finance, Rail Vikas Nigam Limited (RVNL), Prestige Estates, Page Industries, Mazagon Dock Shipbuilders, New India Assurance and Ramkrishna Forgings will have inflows between $9 million and $1 million.

The outflows will be highest in Reliance Industries ($42 million), Tata Consultancy Services ($38 million), Infoso ($25 million), Tata Motors DVR ($23 million), Titagarh Rail ($13 million), Bharti Airtel ($11 million), Axis Bank ($10 million) and Larsen & Toubro ($10 million) among others.

The report also calls Sensex's quarterly rejig a non-event, with some inflow coming into Maruti Suzuki and near negligible outflows in Larsen & Toubro (L&T).

As for Sensex, the highest inflows will be for Maruti Suzuki ($15 million), Tata Steel ($3.8 million), ICICI Bank ($2.2 million) and HDFC Bank ($1.9 million) while outflows will be in seven stocks namely LT ($23 million) and negligible in case of RIL, Infosys, TCS, State Bank of India, Hindustan Unilever (HUL) and Mahindra & Mahindra (M&M).

Ahead of the adjustment, HDFC Bank