Shares of HDFC Bank gained over 1 per cent on Friday, September 15, and traded at an intra day high of ₹1,670 on the NSE during late afternoon deals, after the leading private lender witnessed block deals worth ₹4,500 crore. The deals came over passive inflows following a rejig of the FTSE indices.
According to IIFL Alternative Research, HDFC Bank is expected to see $650 million in passive inflows in the FTSE’s semi-annual index review, which was scheduled for September 15. The changes will be effective from September 18.
FTSE will increase HDFC Bank’s weightage in three tranches. The stock is likely to see inflows of $650 million, which includes inflows due to FTSE, Sensex and Wisdom Tree ETF inflows.
On Friday, shares of HDFC Bank opened at ₹1,650 on NSE, touching an intra day high of ₹1,670 before settling 0.97 per cent higher at ₹1,658.90 apiece on the NSE.
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Updated: 15 Sep 2023, 06:47 PM IST