HDFC Bank stock surges over 3% to record high, crossing Rs 1,800 mark for the first time ever
HDFC Bank's stock soared as much as 3.2% on Monday, reaching a record high of Rs 1,801.90 on the BSE, driven by an anticipated increase in the heavyweight lender’s MSCI index weightage, which is projected to draw $1.9 billion in inflows.
With the MSCI November 2024 index review coming into effect from Monday, the banking giant was in the spotlight as it underwent a weightage adjustment. This adjustment reflects the final tranche of a phased increase announced earlier this year, solidifying HDFC Bank's role as a key driver in the MSCI index realignment.
MSCI had previously announced an increase in HDFC Bank's weightage in the August rejig, opting to implement the adjustment in two stages rather than as a one-time boost.
“The final tranche of float-led weight adjustment is very well going to happen, potentially resulting in an inflow of approximately $1.9 billion, which is equivalent to 6.5 days of average daily volume (ADV),” Nuvama Institutional Equities said about HDFC Bank's weightage adjustment on the MSCI index.
Also read | MSCI rejig today: Indian stocks to see $2.5 billion inflows, spotlight on HDFC Bank
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