MUMBAI: Across the board rally after three sessions of losses in the truncated trading week has added nearly 350 points to sensex which was up above the 22,600 mark in late trades on Thursday.
In all the three previous losing sessions, FIIs which were net sellers and dealers believe foreign funds are again buying in the market on Thursday. The gains were also helped by a statement by US Federal Reserve chairperson Janet Yellen that indicated the US Fed will continue to support the economy. Among the sensex leaders were Hindalco, up 4.3% at Rs 141, Tata Motors up 4.1% at Rs 428 and ICICI Bank up 3.1% at Rs 1,260.
Among the 30 sensex stocks, HDFC Bank, which has seen a reduction in its weight MSCI Index drastically, is the lone laggard, down marginally at Rs 719.
Several of the global fund managers manage their fund with stocks assigned weightage as per MSCI, and any change in MSCI weightage also leads to change in those funds. Since HDFC Bank's weight has been cut, all those funds benchmarked to MSCI will be forced to sell HDFC Bank, dealers said.
via Business - Google News http://ift.tt/1it8qJY
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