Kotak Bank, APL Apollo among biggest gainers in index rejigs

Mumbai: Index provider FTSE and BSE rebalanced their World All Cap and Bharat 22 indices, respectively, on Friday, resulting in a total inflow of $350 million, according to IIFL Securities.

Kotak Mahindra Bank was the biggest beneficiary of the index rebalancing with an inflow of $77 million, followed by APL Apollo Tubes and Supreme Industries with $53.50 million and $47.70 million inflows, respectively. Shares of Kotak Bank gained 1.63% to close at Rs 1,691.20, while Supreme Industries rose 2.57% to Rs 2,571.35 on Friday.

Stocks such as NTPC, ONGC, Power Grid, Coal India, and Indian Oil Corporation saw an increase in weight in the BSE's Bharat 22 index; while ITC, Axis Bank, L&T, and State Bank of India saw reduction in weight.

Reliance Industries and ITC saw outflows of $96.3 million and $69 million, respectively, on account of the reduced weight in both the indices. Both stocks declined on Friday. Infosys saw a selling of $26 million due to lowering of the weight in the FTSE.