Glenmark, Indiabulls Housing surge up to 7% on MSCI addition

MUMBAI: Shares of Glenmark Pharmaceuticals and Indiabulls Housing Finance rose by up to 7 per cent today following addition in the MSCI India index.

The changes will come into effect from August 31.

Glenmark Pharma's scrip surged 7.14 per cent to settle at Rs 1,133.95 on BSE. During the day, it jumped 9.99 per cent to Rs 1,164.20 -- its 52-week high.

Shares of Indiabulls Housing rose by 4.70 per cent to end at Rs 792.30. In intra-day, it gained 5 per cent to Rs 795.

Shares of Jindal Steel & Power too gained 3.36 per cent to close at Rs 70.75 even though the company was deleted from the index. During the day, it had lost 8.83 per cent to Rs 62.40.

"Markets also got a boost from the recent index rejig by MSCI for its India indices. Stocks of Glenmark Pharma, Indiabulls Housing and Jindal Steel remained in action in the day due to the MSCI rejig and witnessed heavy volumes," said Bonanza Portfolio Associate Fund manager Hiren Dhakan.

The changes have been made to MSCI India index and other indices as part of MSCI global investable market index's August quarterly review.